Prudent Wolf

Operations and Management

How to Set the Best Asking Rent and Choose Tenants

Determining the optimal asking rent and selecting high quality tenants are two of the most important business decisions impacting key metrics like cash flow, stability, value appreciation and portfolio returns. However, getting these decisions wrong by mispricing units, overlooking important requirements or screening subjective attributes proves costly through premature vacancy, damage, non-payment of rent or …

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How to Manage Maintenance Issues and Costs Effectively

Effective management of maintenance issues and costs is essential to maximizing cash flow, minimizing risks and sustaining the value of rental property holdings. Without proper procedures and safeguards in place, the time and money required to respond to various issues can quickly spiral out of control, straining resources and impacting key metrics of performance. Some …

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decide LLC or corporation

1 Reader Question: Should You Get a LLC or Corporation for Your Rentals?

The decision between forming a LLC (Limited Liability Company) or corporation comes with pros and cons for each. Neither is inherently superior, so determining which structure suits your unique business and financial goals best is important. Some factors to consider include legal liability, taxes, compliance costs, flexibility and drafting services available. Limited Liability Company or …

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Questions to Ask When Evaluating a Property Manager

Utilizing a professional property manager to handle day-to-day administration, maintenance, marketing and operations is often necessary to build a successful business. However, not all property management companies are created equal. It is critical to evaluate options thoroughly before entering into any long-term contracts to ensure goals and responsibilities will be properly addressed at a reasonable …

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10 Simple Repairs and Upgrades to Boost Your Property Value

Making smart repairs and simple upgrades to rental properties is critical to maximizing potential returns and boosting overall value. As a real estate investor, there are many affordable improvements you can make to attract better tenants, charge higher rents, increase longevity of tenancy and see greater gains when it comes time to sell. Even small …

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Top 5 Reasons Rental Properties Fail (And How to Avoid Them)

There are five primary reasons why rental properties may ultimately fail to meet expectations and hurt your business rather than boosting it: poor condition, lack of professional management, ineffective marketing, unrealistic pricing and negative tenant experiences. To build a successful real estate portfolio, you must avoid these potential pitfalls with every acquisition and learn from …

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The Ultimate Guide to Running a Rent Comp Analysis

Analyzing rental rates for comparable properties in the local market, known as a rent comp analysis, is critical to success. Rent comps provide the data needed to determine if asking rents for a potential deal represent fair market value and the opportunity for a profitable investment. Well-done rent comps also give you leverage to potentially …

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4 Strategies for Increasing NOI and Boosting Returns

For real estate investors, increasing cash flow from properties through higher net operating income (NOI) should constantly be a priority. Higher NOI means greater returns on investments, the potential for larger profits, and improved stability if market conditions became unfavorable at some point. There are four key strategies you can employ to boost NOI and …

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How Much Cash Flow Can You Expect From a Rental Property

Determining how much cash flow you can expect from a rental property investment is critical to evaluating if it makes financial sense. The amount of cash flow generated depends on several key factors including property type, number of units, rent prices, occupancy rates, operating expenses and leverage selected. By analyzing these factors thoughtfully, investors can …

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The Top 10 Property Management Tips for New Landlords

As a new landlord, effectively managing your rental properties is critical to success. There are a number of important lessons and tips that can help ensure your properties are properly maintained, tenants are happy, and you achieve an excellent return on investment. Here are the top 10 property management tips for new landlords: Screen tenants …

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