Landlording for maximum profitability and Financial Independence
Remember, it takes both a decent credit score, and an income high enough to pay rent to approve a prospective tenant. Never accept less. You need to know both the tenants credit score and income level before you approve them.
A renters income will give you the renter’s ability to pay rent. Their credit score will give you the renters desire to pay rent. Both are required.
Continue reading “Tenants Credit Score and Income – What do they mean?”
Property Managers (PM) that do turn-key management have goals that are often opposite of an owner. This is especially true of inexperienced PMs. A PM makes money when they fill a unit. A PM makes money every month when rent is collected, sometimes even if it is not collected. A PM makes money when your place needs maintenance. A PM makes money on an eviction. A PM makes money when they turn the unit. A PM makes more money when they have to evict and turn a unit, than when they are renting it to a long term, good quality renter. A PM makes more on subpar renters, than solid ones. You make more money on a long term, good quality renter. Remember, great tenants manage themselves. It is cheaper to lower your rent, and get better tenants, than hire a PM. Continue reading “Property Managers, The Downside”
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?”
With 24 rentals, working full time, Property manager and President of the HOA, my own plowing and mowing business, and doing most all of the rental maintenance myself, I can give a few tips on saving money and time in your rentals… Continue reading “Saving Money and Time in your Rentals”
In order to be an effective, efficient and profitable landlord or property manager in today’s rental market, you have to understand on-line marketing. You have to understand how to create effective online rental ads. Continue reading “Effective Online Rental Ads”
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”
I have done some research on WordPress vs Blogger, and I think WordPress wins. I plan on doing a hosted web blog, and converting to WordPress in the next few days. Hopefully the transition will go smooth.
If you see the blog down, come back in a few minutes!
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!”
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”
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”
