My first investment property I was ever involved in was before I ever owned a place for myself. I was living in my dad’s duplex while I was going to college. I was lucky, he paid the bills, and I paid for my college. He lived somewhere else, although it was close by. This is the story of how I became the owner of my first property. Continue reading “My First Investment Property”
Carpet vs Laminate Flooring?
This is an important question for all landlords. Carpet can be ruined after one tenant, even after only a few months. Laminate flooring is generally more durable, but more expensive. Laminate flooring can also be ruined by water.
Continue reading “Carpet vs Laminate Flooring?”
Share this:
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”
Share this:
Rent Checks Coming in Already!
I have received two rent checks already for March. I have not yet checked the rent collection boxes, but I suspect that a few will be in the boxes by tomorrow. I anticipate all 24 rents to be paid by 2/5, which is the late fee date. Most of the rents will be collected by Monday morning, and deposited in the bank. Solid tenants never bounce checks, and I have not had a bounced a check in years. So the monthly accounting goes something like this. Continue reading “Rent Checks Coming in Already!”
Share this:
Late Fees, How to collect them and when to charge them
Are your current month’s rents collected by the 5th, every month? Are you charging late fees? If not, it’s time to start thinking about late fees. Continue reading “Late Fees, How to collect them and when to charge them”
Share this:
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”
Share this:
Why is my Renters Credit Score different?
The difference in a renters credit score, and the one you get is this. Many background check companies, such as mcccgrp.com, use a true FICO score, developed by Fair Isaac Corporation (FICO). If you are gong to be a successful landlord, you need to understand the relationship between tenant performance and credit score. Continue reading “Why is my Renters Credit Score different?”
Share this:
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”
Share this:
Apartment Classifications and Expected Returns
Apartment Classifications. When you are an experienced property investor of multifamily properties, there is an apartment grade that you will be intimately familiar with. Banks are familiar with it, insurance companies are familiar with it, and all investors that invest money in a multifamily complex should be. Google the topic and find out more if you want, but here is a summary.
Continue reading “Apartment Classifications and Expected Returns”
Share this:
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?”
