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The 7 Dirty Truths about Landlording (Like it or Not!)

truth-257160_1280-PDIt’s not always fun and games when you are a landlord.  Life is not always fair, and even in a win/win situation someone loses more than the others.  In the landlord game, you need to win enough to be profitable.

Landlording is not always making large banking deposits and Caribbean vacations.  Sure, around the world trips often come with owning Real Estate, but you still need to earn it.  Here are some of the dirty truths about landlording.

Disclaimer: Show me a landlord that is not in the business to make money, and I will show you a manager for government housing.

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Should you allow a renter to paint?

sherwin williamsThe topic of this post is should you allow a renter to paint?  With 24 units, I come in contact with many renters.  They all have their ideas of what a great place to rent looks like.  They might want their boy’s room to be blue, and their girl’s room to be pink.  I get asked all the time, “What do you feel about painting the bedrooms?”

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Why Using Property Management Is a Waste of Money

purse-522622_1280-PDThis post is likely to rankle a few feathers, especially for the property managers out there. But first a disclaimer; I have 24 rentals that I manage and maintain myself.

I manage and maintain a property for another person, and I have a real estate license. I even have a full-time job.  I have used a big name property manager in the past, with 100% of tenants provided by them that did not make it a year.

So I know a bit about property management and property management companies. I know many other owners that have had similar trouble with property management firms.

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How to Collect Rent On Time

invoice-153413_1280-PDThis is a post about how to collect rent on time.  It is a secret recipe that I am going to share.  The rents for June have all been collected.  23 of 25 are in the bank as of June 3, 2014.  Of course, that means I had them all in hand by yesterday, June 2.    The other two are in hand, as of June 3, but not in the bank, yet.  I challenge any other landlord to beat me on that record.  Here is how I do it.

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How to Get Rid of a Mattress for Free

Mattress DisposalHere is how to get rid of a mattress for free.   A mattress is one of the things that virtually all low income tenants leave behind.  They are also one of the largest and most expensive items for a landlord to get rid of.

If you have been a landlord for over a month, odds are, you have had to dispose of a tenants junk.  If you are a low-income, or Section 8 landlord, it is 100% certain you have had to dispose of a lot of junk.

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Landlords! Here Is How You Do Criminal Background Checks (The RIGHT Way)

three-stooges-516165_1280-PDMy first two posts on tenant screening dealt with the most important aspects of tenant screening, credit and income verification.

In my third post on tenant screening, I discussed, with quite a bit of controversy, the downfalls of past landlord checks. The fourth and final pillar in tenant screening is the Criminal Background Check.

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Landlord Skills To Make Things Easier, And Save Money

plumber-35611_1280-PDThere are many ways to handle property management at your rentals.  Knowing just a few landlord skills can save a lot of time and money.  And give you a great sense of accomplishment.  I do almost all of my own maintenance, and I actually feel good when it can be done, and I save a great deal of money.

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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”