The rental market has been very, very good to me… My properties have performed well over the past month (and years); getting 100% rent collected (25 for 25) by May 2, once again. One person, who paid on the second, apologized to me for being late. Try that with low credit score renters, who generally always pay late. But since I have a vacancy coming up, this is how I fill apartments quickly. Continue reading “How to Fill Apartments Quickly”
How Effective Tenant Screening Can Lead to Higher Profitability
Have you ever wondered how how effective tenant screening can lead to higher profitability? This is my first post as an author at BiggerPockets.com and will explain effective tenant screening.
I have 24 renters, in two duplexes and five 4-plexes. I also screen for a large (120 unit) apartment complex, and approve or reject tenants. I make the call as to when a tenant is no longer an asset to our HOA community, and force other landlords to get rid of their tenants.
Through these experiences, I have seen many tenants’ backgrounds, and see how a background report can predict future tenant behaviors.
The following post contains a few random thoughts; I will focus in more detail on tenant screening topics in future articles. Be sure to follow my articles to get solid, no nonsense information on getting and keeping great tenants.
Continue reading “How Effective Tenant Screening Can Lead to Higher Profitability”
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How to Avoid Bad Tenants
I know a lot of landlords that manage their property themselves. This is perfectly fine, but you need to know how to avoid bad tenants. Many landlords had no idea how to identify bad tenants, much less how to avoid them.
Continue reading “How to Avoid Bad Tenants”
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Tenant Turnover, the Landlord’s Dreaded Moment
With my 24+ units, tenant turnover is inevitable. In my case, it happens every few months, to the tune of six to eight per year. Tenant turnover is not all that bad, if you get great tenants to start with. It’s when you have a marginal tenant that apartment turnover is a lot of work. Continue reading “Tenant Turnover, the Landlord’s Dreaded Moment”
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Long Distance Property Management
I was out of town for a seminar in Dallas for a few days last week. I did not tell any of my tenants that I was leaving. How did the week go? Here is how I did long distance property management while I was away. Continue reading “Long Distance Property Management”
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How to Use Credit Checks For Screening Renters
This 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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The Costs of a Real Estate Education
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How I turned a Class ‘D’ Apartment Classification complex into a Class ‘B’ complex.
When 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
All 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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My Eleventh Investment Property and Fifth Four-Plex
My eleventh Investment property was probably my most risky and most creative property I have ever purchased. It was not a REO, not even a short sale. I did not even buy the property itself, I bought the underlying mortgage from the bank. Continue reading “My Eleventh Investment Property and Fifth Four-Plex”
