Written Proof in this Business is the Key To Success! I have learned the hard way of the importance of having everything written down. I have found that nothing is an issue until it is an issue. At that point it is a huge issue and everything comes down to who has the best back up and written proof in the form of documents, conversations, agreements ,etc. At this point verbal means nothing because there is no way to validate … [Read more...]
Text Messaging: A Landlord’s Perfect Helper
Communication is a very important aspect into being successful as a landlord! Once of the biggest complaints I hear from tenants, applicants and even learned first hand, is that a landlord is not responsive. As a Landlord you know that nothing happens at a good time. There is a reason Murphy's law exists. Therefore the key is to set up systems and procedures that are super efficient while as burden- less as possible on yourself! The … [Read more...]
How to Take the “Middleman” Out of Tenant Repairs
Are you busy person? Do you have time to be someone else's secretary? If you are anything like me, a working woman with a million and a half commitments, you barely have time to sleep and need your own secretary. You certainly don't have the time, energy, and patience to be someone else's secretary and manage tenant repairs. If you are a landlord then it means if something breaks it is your responsibility to organize the repair. The … [Read more...]
Who Has Custody of Your Money?
Let me start by saying, welcome! As all my regular readers know, I am very passionate about the following two things: Managing Tenant Expectations and Treating Your Rental as a Business -- For Profit Landlord. If you are new here, I highly recommend you begin by checking out the posts above. If you like those, don't stop there! Check out the rest of the valuable resources and articles. The thing I have learned in real estate is that … [Read more...]
How to Handle the Stress of Tenant Negotiations
While it is human behavior to negotiate, it is equally human behavior to stress over the negotiation process and even have a hard time knowing how to handle the stress too! As a red head, I am chief worrier and stressor. In Tenant Negotiations Made Simple we discussed how and when to negotiate with a tenant. Now comes the equally fun part of how to handle the "stress" of the negotiations. As landlords we are human and worry that standing our … [Read more...]
Encouragement for Discouraged Landlords
Have headlines and naysayers made you biased? Headlines are always sensational and designed to stir up strong feelings. The recent housing crash has created many victims, and the headlines we read can cause us to feel fear and back away from the real estate industry all together. In many areas, we are on the upswing -- people are buying again and prices have risen. At the same time, there are still those that whisper fear and angst into … [Read more...]
Money Tree Vs. Money Pit: Choosing the Right House
A rental house can be a money tree or a money pit. You get to choose what it will be. That choice is made at closing 95% of the time. If you know you want to turn your personal property into a rental, it is important that you mind your numbers from the very beginning. Often times your easy success or failure (without large market appreciation guided by forces out of your control) can be determined before you even walk out of the closing … [Read more...]
How to Organize Tenant Repairs from ANYWHERE!
The most common question I get is: What do you do when something breaks and your rental home is not in your hometown? Meaning how in the world does a landlord organize tenant repairs? That answer is simple. Use your personal network to ask around for a reference. If you don't have a personal network in the area of your rental property, use Google. Use Google search to find the needed service and then call them to get price quotes. … [Read more...]
Why I Don’t Need a Marketing Budget for my Real Estate Business
My marketing budget is $0. What is yours? In the article, 7 places to advertise your Listing we discuss all of the listing sources. Many of them cost money. As a young entrepreneur on a tight budget I have learned to "economize" every penny in my business to maximize returns. In my case this just means there is more "Education" money available for when a new learning curve needs to be met (so read all my articles to learn my mistakes, it'll … [Read more...]
6 Financial Benefits of Being a Landlord
Being a landlord can be scary and stressful. Sometimes, it can be a negative experience. But overall, being a landlord can be very rewarding. There are actually many financial benefits that come with being a landlord. I'm sharing the benefits we have seen as we have taken on the journey of being landlords. Financial Benefits for a Landlord Positive Cash Flow - While we only make between $200-$450 a month as landlords -- that money covers … [Read more...]