THANK YOUR TENANTS
NEVER COMMINGLE FUNDS
ADD SUMMER ACTIVITIES
Summer days call for cool activities! We love to host pop-up outdoor movie nights (with popcorn and popsicles), ice cream socials (toppings included, too) and pool parties (with fun pool floats, music and food). Recently we were introduced to the Judah Brown Project, an incredible organization that educates residents on pool safety and drowning prevention on site. Regardless of what you decide to do on your site, providing safe and fun activities for all seems to build the best community atmosphere!
To maximize profits as a landlord, treat your tenants as GIFTS. Remember, they are the ones paying their rent so that you can pay your mortgage, which allows you to have a valuable asset. Show your appreciation by thanking them with a homemade gift basket, such as BBQ, spaghetti, or dessert- themed. You can fill the basket with the items needed for the theme you choose. This thoughtful gesture will leave a lasting impression as you continue to build a positive relationship with your tenants.
A person commingles funds when they mix business and personal funds into a single bank account. If you do this as a rental property owner, you can run into lots of trouble. If a tenant trips and falls and sues the title holding LLC, they may try to pierce the corporate veil to hold you personally liable. If you commingle these funds, you will be held personally liable. When you set up an LLC for your property, it is best practice to set up a separate bank account with it.
IF YOU COMMINGLE THESE FUNDS, YOU WILL BE HELD PERSONALLY LIABLE.
WE LOVE TO HOST POP-UP OUTDOOR MOVIE NIGHTS
HAPPY TENANTS=GREAT TENANTS
Ted Sutton Real Estate Attorney Sutton Law Group Connect with Ted
Ashley Wilson Co-Founder of Bardown Investments Author of The Only Woman in the Room Read Ashley’s Book
Shiral Torres Owner of Simply Shiral Author of Rental Properties Made Simple Read Shiral’s Book
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