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Are you getting Your Landlord Discounts (also homeowners)?

Landlord DiscountsThere are a lot of landlord discounts out there.  I often talk with homeowners who are doing remodeling on their home.  They might be buying Sheetrock, paint, appliances or any other remodeling project.  Some of them spend several thousands of dollars on the project and are do it yourself people.  They are generally too frugal (i.e. cheap) to hire a contractor at $100 an hour to do the work, so they do it themselves.

When I ask if they are getting their discounts, they give me a deer in the headlight look.  They know enough to save money on most everything, but not on a remodeling project.

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2015 NoNonsenseLandlord Financial Goals

profit-599504_1280-PDIt’s time to start the 2015 New Year’s financial goals.  When you own rental property, and have a full time job, it can be difficult to coordinate any time off.  When you do have time off, if you want to maximize your hours to dollars ratio, you take a class to improve your skills, get an additional license certification, or do a side hustle gig.  Or, you can even do a remodel on a rental property while on a ‘vacation’ from your ‘real’ job.

While everyone needs a time to reflect on their goals, and enjoy some down time, the down time will generally cost you money, not save it.  I spend the majority of my down time from my regular job maintaining rentals or taking classes.  It gives me a sense of accomplishment, and allows me to buy some great tools. 😉

For now, it is time to plan on the 2015 financial goals.

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November – December 2014 Rental Cash Flow

packs-163497_1280-PDThe rental cash flow for the month was as expected and according to plan.  All rents for December 2014 were in hand by Friday, 12/5/14.  That is 24 for 24.  All units were full, with the exception of my one vacancy that I have been working on for a few months.

I generally have ~10 to 15% of the rents in prior to the first, 50% in by the first, 75 to 90% of the rents in by the seconds of the month, and 100% by the fifth of the month.

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Expert Landlord Advice and Landlord Interview

man-156785_1280-PDI was featured in an article involving interviews of 26 landlord and property investors.  All the landlords were asked questions and for them to give some landlord advice.  I was honored to be in that elite group with some other very great property investors.

They asked me, along with 26 other landlords, what is my number one tip for newbie property investors.  The answers were broken down into four categories.  Each investor was asked for advice, and each investors advice put into the following categories.

Buy Smart

Plan Well

Tenant Management

Team Building

If you have been reading this blog for any length of time, you know I added advice about Tenant Management.

Read all the advice, including my own here

 

 

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Your Complete Guide to Effectively Handling Tenant Evictions

homeless-589826_1280-PDIf you have been a landlord for any length of time at all, the topic of tenant evictions is on your mind on a continual basis. If you have been doing the right things with your tenant screening, tenant evictions are  on your mind a lot less. If you need the rent to pay the mortgage on the rental or you will lose it, you are praying every week it doesn’t ever come to that.

No matter how well you screen tenants, no matter how great your tenants are, you will at some point be in the position where you may have to evict. Divorces happen, deaths happen, people get laid off and people have friends that cause a ruckus so large you have to do something.

Read the rest of the story here

 

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How to Make Money Traveling

100-PDMany of us had the desire to make money traveling the globe.  Most of us had had menial jobs in the past.  Working for minimum wage, or doing a hard job for not much money.  This post is about saving money, which in effect is actually earning it.  Here is a recent example of how you can pick a cheaper way of traveling and you can actually get ‘paid’ for your time traveling.

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Replacing Your Salary with Rental Property Income

packs-163497_1280-PDRental property income is not as safe as a government pension.  It is not as safe as a government bond.  It is not even as safe as a salary, depending on who you ask, and what your temperament is.  But based on the risks involved, it should have a greater return.  And the risks can be mitigated, if you screen tenants property, know what to look for, and keep your property maintained.

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Are You Still Struggling to find Great Tenants? Struggle No More!

detective-311684_1280-PDAs an owner/manager of 25 units, I am always on the hunt for quality tenants.  In 2014 alone, I have found and approved ten tenants for my units already.  There is no reason to struggle to find great tenants.

All with minimal or no vacancy.  It is about ten more than I like, but sometimes people have to move.  It is well above my average of about six.  Four were tenants I approved without ever seeing them.  My former tenants have gone on to buy homes, get job transfers, move into larger places, go to graduate or med school, move closer to their new job across town, and other legitimate reasons.

Only two of my tenants that left were what I considered weak links, and I was glad to see them go.  When a tenant moves a few blocks away, to a similar place, it was likely a mistake on your part that caused it.  I am not counting my long-term Section 8 tenant that I just got rid of, as that is a story in and of itself…

Read the rest of the post here

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Why I asked My Section 8 Tenant to Leave

Section 8 renterI asked my Section 8 tenant to leave recently.  In reality, I did not ask her, I demanded she leave by 7/31/2014.  This was a tenant that has been with me since 2007, over seven years.  Well before I started getting into my 4-plexes and adding a significant amount of rental property to my portfolio.  The reasons were many…

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I paid off My Mortgage!!

bag-158886_1280-PDI paid off my mortgage.  I am not talking about my personal residence; I am talking about paying off my rental mortgage.  Why would anyone want to pay off a mortgage on a rental?  After all, the interest rate is tax deductible, and everyone knows mortgage debt on a rental is ‘good debt’.  Maximize it for all you can, leverage, leverage, leverage to the moon!

Here is why you should pay off your mortgages, even if it is on a rental.

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