Sometimes, we think we have to attract quality tenants in unconventional ways. Many people have no money. After showing your unit many times, you do not think anyone has any money. Some people have lower income levels. Some people lack the ability to save, and a landlord wants to “get them in”, so they lower the tenant’s entry hurdle or security deposit. This is a mistake that will almost always come back to haunt you. You have a hard time renting your unit, and you finally have a tenant willing to move in. The only issue is, they do not have enough money to move in. They probably do not have a high credit score either. Continue reading “Lowering the Rent vs. Lowering the Deposit to Attract Quality Tenants”
Low Rents Attract Trash
Low rents. The fact of the matter is, the lower your rent is, the more affordable it is to sub-par renters, or trash. You will attract them in droves at a low price. But the flip side to that is you also attract more good renters. Good renters are always looking for a bargain; good renters that know their financial limits, good renters do not want to live paycheck to paycheck just paying rent. Good renters know what they want, and will not pay a penny more. Good renters may even want to negotiate a bit, just to make sure they are getting the best price. Continue reading “Low Rents Attract Trash”
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Renter Horror Story #1 – The Finger Biter
My life as a landlord was not always as easy as it now. It takes some experience, and some research to understand what kind of renter to avoid. This is a recap of one a renter horror story… Continue reading “Renter Horror Story #1 – The Finger Biter”
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How to Deal with Long Term Guests
Dealing with Long Term guests in your rental. When you rent three bedroom apartments, you will get extra tenants moving in periodically. Sometimes it is a new roommate to help pay the bills. Sometime it is a relative or friend who just got evicted, or a move-in boyfriend that cannot get accepted anywhere else, someone from out of town for a wedding or funeral. Continue reading “How to Deal with Long Term Guests”
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Rental Investment: Maximizing Your Returns
Are you settling for a Class ‘D’ tenant on your rental investment, and only getting Class ‘A’ tenant (or worse) returns? Do you wonder why your actual return on your rental investment is not what was projected? Are you looking at how to increase your profitability without selling and moving to a different building? Continue reading “Rental Investment: Maximizing Your Returns”
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Why do tenants that look at my property seem under qualified?
The fact is, about 30% of tenants are problematic. They move a lot more than average. They are evicted, they are requested to move, and their lease is not renewed. If 30% are problematic, and they move twice as often as a solid renter, that is 60% of the renters that you see seem like they do not qualify to live in your rental.
Continue reading “Why do tenants that look at my property seem under qualified?”
