This is a rental situation that is run across many more times than you think, the landlord trap. If you think it is your tenant scenario, it may be, but it happens so often it isn’t funny. Continue reading “The Landlord Trap, Do not get caught in it”
When You Purchase Properties, Make Sure You Know your Market
Know your market. When a great deal comes up on an investment property, there will be multiple offers. You want yours in, and accepted, before the other offers even come in. Knowing what a good price is saves time. The ‘other guy’ is writing an offer while you are still thinking about it. Continue reading “When You Purchase Properties, Make Sure You Know your Market”
Share this:
My Second (and third) Investment Property
My second Investment property was a vacant bar/tavern in a small town that had gone out of business, right on the frontage road of a 4-lane US highway. It was purchased as a partnership with my uncle. We were going to buy this property and get it ready to run a bar and restaurant. Then, we were going to be owner operators of the business. Continue reading “My Second (and third) Investment Property”
Share this:
Lowering the Rent vs. Lowering the Deposit to Attract Quality Tenants
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”
Share this:
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”
Share this:
My First Investment Property
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”
Share this:
A Day in the Life … Busy day
So, a break from the advice for a post. A few words about practical landlording and the often busy day.
It was a busy day in the life of a landlord today.
I went to the apartment this morning before work to pick up the last rent check that was put in the rent box the night before. All 25 (of 25) rents in the bank by the morning of 3/4/14, which is pretty good. All except my Section 8 tenants portion of the rent, $125 which I will expand on later… Continue reading “A Day in the Life … Busy day”
Share this:
Risk vs. Reward, How To Predict Profits
Predict profits for your rental property.
Let’s assume that your property is renting for $1000 per month. Let’s also assume you collect a $1000 security deposit. Continue reading “Risk vs. Reward, How To Predict Profits”
Share this:
Proper Preventative Maintenance
To maintain profitability in an investment property, you need to do proper preventative maintenance.
On a tenant turn, you need to check items so that they do not cause you issues later on, when a tenant is actually living in your unit. Maintenance is exponentially more difficult when you have to coordinate your schedule with your tenants. Continue reading “Proper Preventative Maintenance”
Share this:
When and How to Renew Leases
Most landlords do an annual lease to start, when it’s time to renew leases, they often have difficulty. Most annual leases turn to a 30-day lease at their expiration. The question is what thought process goes into the method of continuing the tenancy. Continue reading “When and How to Renew Leases”
