Are you getting Your Landlord Discounts (also homeowners)?

Landlord DiscountsThere are a lot of landlord discounts out there.  I often talk with homeowners who are doing remodeling on their home.  They might be buying Sheetrock, paint, appliances or any other remodeling project.  Some of them spend several thousands of dollars on the project and are do it yourself people.  They are generally too frugal (i.e. cheap) to hire a contractor at $100 an hour to do the work, so they do it themselves.

When I ask if they are getting their discounts, they give me a deer in the headlight look.  They know enough to save money on most everything, but not on a remodeling project.

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How to Be a Dream Tenant – Nationally Published Blog Article!

holding-the-keys-PDI was recently featured in a national publication, Money Magazine online.  It was a great honor to have an article I wrote featured on the site.  Since I write for BiggerPockets, one of my posts was picked up and published on Money.

I have noticed that since I now have national recognition, the paparazzi are continuing to follow me.  They seem to disguise  themselves as regular people, and act like I am just another person.  I am sure they have a secret way of following me all around, as I never notice the same person following when I walk just a little bit away.  It must be a secret code they use, similar to a baseball catcher, to switch followers.  Now I know how a celebrity feels…

Keep pets, friends, and bad credit from ruining your shot at a nice rental

If you are a renter, you have many obstacles ahead of you. Landlords are full of horror stories, and you are just another potential horror story. You want and need to be the best renter the new landlord has ever seen.

No landlord really wants you, but they need you. They need you to help them pay their rental mortgage; they need you to help them pay their personal mortgage, they need you to help them retire early. But they do not need you to come around and damage the premise or cause them a lot of extra work. Here is how to be the best renter you can possibly be.

Read the rest of the article here

Money Magazine

Have you ever been declined for a rental?  If so, why do you think you were declined?  
Have you ever lived in a place with neighbors that were impossible?

Investing after you are a Financially Independent Real Estate Investor

sunset-494544_1920-PDI am a financially independent real estate investor, and always in the market for new investments.  The secret to finding great deals is to be observant, understand what you are investing in, and understanding the risks.  And a bigger key is to be able to actually get into the deal.

If all your capital is used up, you will have to watch others get into deals.  So I have a choice coming, additional investment, or ride off into the sunset with what I have – which is more than enough already.

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January – February 2015 Rental Cash Flow

packs-163497_1280-PD24 of 25 rents were all collected and deposited in the bank by 2/3/2015.  Since I am now 100% full, it was a great month for deposits and rental cash flow.  My one late tenant is the same one as I have every month, and she paid on 2/6/2015.  It was late, and many landlords would be happy to get their rents by the end of the month, let alone the first Friday of the month.

My typical month goes just like that.  If you look at my previous rent collections, you will see that I rarely get any late fees, and I rarely go beyond the second business day of the month to deposit my rents.

How do I do it?  I get great tenants to start with.

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Malware Issue II

criminal-portrait-PDA while back, when I first started this blog, I had a malware issue.  I installed WordFence, and it worked great for a long while.

Just recently, I had another attack.  My hosting provider put my site on hold for a while so I could clean up the issues.  They also offered a ‘security 911’ option that I could pay for and get ‘out of jail’.  They also provided a list of ‘infected’ files that I needed to delete.  There were like 120 of them.

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Landlord Work

plumber-35611_1280-PDIt has been a bit busy here.  There has been a lot of landlord work on the rental front that has been taking a bit of time.  I updated the landlord maintenance log, and added times to the chart.

 All My Rentals are Full (for now…)

I was able to take in a pretty decent renter in my vacant apartment in my duplex.  Now that the winter is over, the calls on the rental seem to be exponentially more in volume.  The tenant had lived at her old place for about 10 years, and was ready to move out of the apartment scene.  She was slightly more risk that my original plan, so I went with a month-to-month lease.  Overall, probably less risk than 90% of tenants, but I saw a few things that I would have preferred to have been different.  The fast move in was one red flag, although that was due to procrastination on her part.

So, February and March 2015 will be a 100% full months, that is the first time since July 2014.

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How to Be a Landlord’s Ideal Tenant — and Get into Any Rental You Choose

wonder-woman-533663_1280-PDIf you are a renter, you have many obstacles ahead of you. Landlords are full of horror stories, and you are just another potential horror story. Based on statistical evidence, you are not an ideal tenant.  You want and need to be the best renter the new landlord has ever seen.

No landlord really wants you, but they need you. They need you to help them pay their rental mortgage; they need you to help them pay their personal mortgage, they need you to help them retire early. But they do not need you to come around and damage the premise or cause them a lot of extra work. Here is how to be the best renter you can possibly be.

My rentals are multifamily, but much of this advice translates to all rentals. Much of it I have seen firsthand.

How to Be a Landlord’s Ideal Tenant — and Get into Any Rental You Choose

Prepare for the Apartment Viewing Process

When you set up a showing for a rental property, it is really an interview. You are interviewing the landlord or property management company, and they are interviewing you. Make a critical mistake in this process, and you will have to move on to the next property. You do not have to be dressed for church, but do not come looking like you are homeless.

Read more here

Have you ever been turned down for a rental?  If so, what was the landlord’s reason?  If you are a landlord, what do you find to be the most detrimental things a tenant does to get rejected.

 

How to Get the Best Tenants into Your Rental Property

for-rent-148891_1280-PDWhen you have a vacant rental, you will inevitable have to advertise and fill it. And, you want the best tenants you can find.  Unless you are extremely lucky, you will not rent to the first person who inquires on your rental — or at least the first person will not likely be qualified to live in it.

At some point, you will need to decline a rental applicant. This is one of the main problems landlords have: being unable to decline a tenant.

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2015 NoNonsenseLandlord Financial Goals

profit-599504_1280-PDIt’s time to start the 2015 New Year’s financial goals.  When you own rental property, and have a full time job, it can be difficult to coordinate any time off.  When you do have time off, if you want to maximize your hours to dollars ratio, you take a class to improve your skills, get an additional license certification, or do a side hustle gig.  Or, you can even do a remodel on a rental property while on a ‘vacation’ from your ‘real’ job.

While everyone needs a time to reflect on their goals, and enjoy some down time, the down time will generally cost you money, not save it.  I spend the majority of my down time from my regular job maintaining rentals or taking classes.  It gives me a sense of accomplishment, and allows me to buy some great tools. 😉

For now, it is time to plan on the 2015 financial goals.

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5 Reasons You NEED to Be Properly Capitalized for Real Estate Investing Success

savings-box-161876_1280-PDThere are many aspects to investing real estate. Some require no money down, but most require a significant amount of money to get into. And after you get into them, some require even more money. Failure to be properly capitalized or being under capitalized could cause you to not only lose your entire investment; it could cause you to lose your personal assets, too.

Never underestimate the amount of capital that it will take to be a successful real estate investor. I see many people embark on an RE investing career, and think they can spend their last dollar attempting to “strike it rich.” There are no quick paths to riches, and with a higher return comes more risk, every time.

5 Reasons You NEED to Be Properly Capitalized for Real Estate Investing Success

Read More Here

Have you ever had an investment that costs more than you thought?  Or thought about an investment but decided against it because you did not think you have enough money?

 

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