MANY LANDLORDS ARE REQUESTING that their tenants purchase renter's insurance. The reason is that tenants often do not see the need to buy their own insurance until disaster strikes. Do not wait until something happens to your building to request your tenants to cover their own assets.

Think of it this way-according to a recent study by the Insurance Information Institute, 64 percent of tenants did not buy renter's insurance because they thought they were covered by their landlord's policy.

If knowledge is power, make sure that your tenants have the power to buy their own renter's insurance. In fact, request that they buy the insurance if they want to rent from you. This will save confusion, arguments and potential lawsuits in the event of a disaster. [read more]

AS A LANDLORD, you want to do little or nothing to your apartments between tenants. Painting walls, repairing appliances and sanding floors costs unnecessary time and money. The difficulty is explaining to tenants what your definition of the term "normal wear and tear" is because most tenants don't think you should keep any of their security deposit no matter what they did to your apartment.

Jacob Carson has been a landlord for the better part of 20 years. He figures that he has earned an MBA in tenant management by virtue of his experiences. [read more]