Learn from the skin off my back and save yours! Once you have been around the block at least once as a landlord, you start to put together your Golden Rules for Installing Tenants. As a "Fool Me Once, its on you, Fool Me Twice its on me" Landlord, these are my HARD and Fast rules. Even if I have gotten a bite out of my tush, not giving in has saved me. Golden Rule 1: Tenants Must Have 3x Rent When looking at pay stubs you are already … [Read more...]
Tenant Negotiations Made Simple!
Negotiations are Part of Human Behavior and can be Really Stressful! Before a Lease is Signed This is the ONLY time I will CONSIDER tenant negotiations. I always have my lease ready to go. I read the lease WITH my tenants. As we are reading the lease or even during showings people will ask questions. Some examples of possible tenant negotiation points (with my answers to give perspective): *Will you take a 6 month lease?- I charge … [Read more...]
Why I am a For-Profit Landlord
It's a GOOD thing to be a successful Landlord! My biggest pet peeve is a perception that I see on some forums. There is a perception that it is a negative thing to make money and be a for-profit landlord! This view is not only from tenants but also from other landlords. This is the only business I see where for-profit brings this negative connotation. I am successful and I advocate treating rental homes like the business that they are. … [Read more...]
Pest Control: Not Offered Here!
As a landlord I put a lot of importance in providing high end well maintained rentals. My rentals are not apartments. They are townhouses or single family homes that require the occupants to take care of the home whether they are a renter or owner occupant. Over the last three years my "style" as a landlord has definitely changed. I have a very specific and spelled out lease and I am VERY careful about our expenses. This allows us to provide … [Read more...]
Why I Finally Chose Professional Real Estate Help
It finally happened... We had to phone in for professional help and GUESS WHAT??? It ONLY cost $650.49! I am active in many forums. The biggest thing I have noticed is people hire management agencies because they are worried about the What If's and the fact that they won't have someone to defend their position. Even worse, MANY MANY more shy away from rentals because of the horror stories. Honestly as a veteran landlord that makes me … [Read more...]
Landlords: Stay out of Trouble With These 5 Rules!
Five Rules to Keep you out of Landlording Trouble!! Stay Out of Trouble With 5 Simple Rules: Following these simple rules will keep you out of most landlording trouble. Evaluating Self-Management vs. Property Management with ALL the fact to determine what is best for you. Treating Your Rental as a BUSINESS. Would any business accept a sob story at the checkout counter? Having an O-SHOOT Fund. Murphy's Law means that Murphy will … [Read more...]
Is Your Home Investment Declining From Unexpected Costs?
Are you looking at the WHOLE financial picture or will "extra" unexpected costs bite you in the tush? Never underestimate the impact of additional costs on your bottom line. I personally always try to buy in areas with no HOA’s, lower taxes and lower insurance rates. I will do this even at a higher house cost. These extra fees add no value but are cash flow “suckers”. A home that has a higher house value will be paid off as long as it is a … [Read more...]
Moving Season: Myth or Truth?
Does a Moving Season Exist? As it is now entering the winter months there has always been a huge discussion if there is such a thing as a Moving Season. The question among landlords has always been does it matter when rentals should come up for renewal? The question being does it matter or is it a bunch of wallop. After being a landlord in three different markets. In my personal experience the time of year make a huge difference based on … [Read more...]
Tenants and Utility Bills: Are you Breaking the Law?
Tenant move-in utilities are still in your name, so you just turn the utilities off, right? NOOOO!!! You have just broken the law. Legally, you are not allowed to turn off the utilities on your tenants. You can be fined and even sent to jail, even if it does say in the lease that the utility bills are the responsibility of the tenant. So as a Landlord, what are your options? Here's what you can do! How to Handle Your Tenants and Their … [Read more...]
3 Ways to Manage Tenant Expectations
Managing tenant expectations is key for a stress-free occupancy. As we all know, moving is an incredibly stressful time. Everything is overwhelming and nothing is perfect. As a landlord, it is my job to provide a move-in ready home and to maintain the home per local requirements. Unfortunately, because everyone has a different perspective, it is important for the landlord to manage the tenant expectations. This way upon move-in you have happy … [Read more...]