Landlording for maximum profitability and Financial Independence
Many 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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As a landlord, you want the best tenants for your properties: people who pay rent on time every month, won’t give your property a bad reputation in the surrounding community, and are clean and courteous neighbors. Being a good landlord means listening to your tenants’ complaints and concerns and responding to common tenant issues appropriately. At times, knowing the right way to respond to an issue can be tough. Read on for advice for some of the most common issues landlords face with tenants.
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Protect Yourself As a Landlord. As with most jobs, a landlord’s job is not complete until the paperwork is done. A landlord needs to protect himself with all sorts of documents. The days of renting a home on just a handshake are long gone. Instead, in today’s tenant-friendly states, you need proof of everything. That being said, great tenants do not need any documentation, nor do great landlords. Both sides know what is expected, and both sides perform as you would expect them to – with or without paperwork. The documentation is to protect us (and them) from the unruly behaviors that the ‘other’ guys might have.
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New landlord-tenant relationships can initially be awkward. As with any business relationship, it’s important to be aware of professional boundaries, yet act friendly and polite in day-to-day conversation.
To best connect with new tenants, consider the following four relationship-building tips.
Continue reading “4 Steps Toward Good Landlord-Tenant Relationships”
I screen hundreds of renters every year for an apartment complex.
I see lots of background checks. I am going to show you how to approve tenants without ever meeting them. I have approved hundreds of renters without ever seeing them. Are you still stuck on seeing and meeting renters? Give it up, it is not necessary. I cleaned up a 120 unit apartment complex by creating criteria that keeps most bad tenants out, without ever even seeing a tenant.
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My tenant called me on Saturday to let me know that her air conditioner does not work. It was humid, the temperature was in the 80’s, and she had a new baby less than a couple of weeks old. As a landlord, you have the choice of being a phone call taker, or not. You have the choice of doing the repair or not. As always, it helps to know a few things, about a few things, so you can make the proper decisions…
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If you are like most landlords or property managers, you are always looking for the highest rents, after all, no one I know shoots for the lowest rents.
But there comes an amount where the rent exceeds the value of the property. Once that happens, you would think that you would not be able to find a renter. This is not the case.
Continue reading “How to Get Higher Rents, the Hard Way!”
I am a strong advocate of buying investment property close enough you can walk to. The advantages are enormous. You can keep closer tabs on your tenants, handle simple maintenance calls, and be able to keep an additional 10% to 20% of your rents in your own pocket.
Here is one repair that was relatively easy, and saved quite a bit of money over hiring a repair shop or buying a new dishwasher. If you want to know how to repair a dishwasher leak, please read more.
Continue reading “How to Repair a Dishwasher Leak- Landlord Style”
If you are a long distance landlord, minor maintenance issues can become an expensive repair. It is near impossible maximize your revenue if you are paying for every thing the tenants complain about. And to make things worse, lower quality tenants complain more. When they are going to be late on their rent, complaints become almost non-stop.
It always helps if you can do some simple maintenance on your rental properties. If you are able to troubleshoot simple issues, you can save a lot of money. Often, just being able to look at the problem, and making a simple precursory look, you can even fix the issue.
Here is an example that I came across recently. I could have handled it from a distance, but it would have been much more expensive and taken longer to resolve.
Continue reading “Disadvantages of Being a Long Distance Landlord”
One of the most hated items of being a landlord are the after hours tenant calls, or calls in the middle of the night. Keep in mind, it is also one of the tenant’s most dreaded items too, calling their landlord after hours. They do not like to be up with building issues any more than you do. Here is a recent example of a call that might be a disaster to some landlords, or routine for others.
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