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Landlords and the CoronaVirus

Landlords and the CoronaVirusMany investors have emailed me to wonder what I am doing about the CoronaVirus.  That is what the topic is in this post, Landlords and the CoronaVirus.

The Minnesota State Governor has declared a moratorium on evictions, and the State Attorney General says he will prosecute any landlord that attempts an eviction.

Meanwhile property taxes are due, mortgage payments, insurance, HOA dues, utilities, lawn care, etc.

Landlords and the CoronaVirus do not mix in this environment.  What do you do?

Continue reading “Landlords and the CoronaVirus”

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Financial Independence With Rental Real Estate

beach-641548_1280-PDFinancial Independence with Rental Real Estate.  I often get asked by my co-workers at my ‘regular’ job, the ones who know I am a landlord, why I keep going in. Why not just retire now?  Why do I put up with the mega-corp meetings, frustrations and red tape just to bring in a few dollars.

I put in a lot of hours, and a lot of investment capital to get this far, what does it takes to be financially independent?

Continue reading “Financial Independence With Rental Real Estate”

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Targeting Your Market to Maximize Income

dart-board-25780_1280-PDRemember, landlording is a game of probabilities and statistics. By targeting your market, you can maximize profits, that is simple Marketing 101.  If you want to maximize your income, targeting your market is key.

There are good tenants in every category, but you are looking for the highest probability of success, not the needle in a haystack.  Success is defined a tenant that pays rent, leaves the unit in good order, and you make money. Continue reading “Targeting Your Market to Maximize Income”

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How to Use Credit Checks For Screening Renters

credit-40671_1280-PDThis post will tell you how to use credit checks for screening renters.

Why do we care about Credit Records and Credit Score? A credit is score is an indicator of the probability of a default, nothing more. It will show if the person has been responsible with their finances. If a person is responsible with their finances, odds are, they are also responsible with the rest of their lives. A credit score of 700 or better, indicates a solid person. A credit score below 600, indicates a person with some issues, maybe permanent, maybe temporary. Continue reading “How to Use Credit Checks For Screening Renters”

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How I turned a Class ‘D’ Apartment Classification complex into a Class ‘B’ complex.

PistolWhen I purchased my first 4-plex, it was in a first ring suburb, in a nice area of town. It was built in 1985. You could throw a rock outside the complex, and hit $300K homes on all sides. By anyone’s definition, this should be a great place.  Unfortunately, the apartment classification was less than to be desired. Continue reading “How I turned a Class ‘D’ Apartment Classification complex into a Class ‘B’ complex.”

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Renter Horror Story – Mike The Murderer

crime-268902_1280-PDAll landlords have a renter horror story, I am no different.  As a landlord, I meet many interesting people.  As a Section 8 landlord in my early days, the people were MUCH more interesting.  Now I meet people who have jobs, might have a kid or two (with the same last name), and strive for success in a more standard method.  Most have never been arrested, let alone actually ever been in jail.   Quite a boring life… Continue reading “Renter Horror Story – Mike The Murderer”

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Risk of Tenants with Low Credit Score Explained

I wanted to expand on the credit score criteria in any Tenant Screening Requirements just a bit.

It is a fact that lower credit score individuals are a high risk to insurance companies, and for collecting payments. It is a fact that lower credit score individuals engage in riskier behaviors.

Here is why tenants with a low (or 0) are high risk.

Continue reading “Risk of Tenants with Low Credit Score Explained”