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MR Landlord's  Getaway Cruise

    LANDLORD PROFILE INTERVIEW:

    Name:
    Alan Rusk (Aldo)

    City:
    Milwaukee

    State:
    Wisconsin

    Any Unique 'Local' Landlord Requirements?
    A landlord can be cited by the police for tenant misbehavior. Though, this is no longer unique just to our area, this is becoming more popular nationwide.

    Number of Rentals?
    41

    Years of Landlording Experience?
    25

    Hardest Job?
    Having to remove a good tenant who fell on hard times.

    Your Biggest Mistake?
    Re-renting to a tenant who had previousy 'stiffed' me, even though she proved that her situation had improved.

    New Landlord Advice?
    1) Join a local landlord association and take advantage of the services offered.
    2) Read, read, read. There's a stack of quality books out there that weighs more than your building.
    3) Spend at least 1/2 hour a day at the Q & A Forum at this site.

    Favorite Type of Resident?
    Gainfully employed, middle age couples with no young children.

    Best Way to Find/Attract Residents?
    Offer a small bonus ($25) or an upgrade to a resident's unit for accepted referrals.

    Favorite Application Question?
    "What kind of pet(s) do you have?" I don't permit pets, but they don't know that.

    One Way to Keep Good Residents?
    Be fair, firm and courteous at all costs.

    Favorite Rental Clause?
    Amounts received by landlord will be applied first to unpaid charges and the balance to current charges.

    Money Making Cash Flow Tip?
    Diligently, but fairly, charge Late Fees. Charge tenants for repairs to damage done by them, their visitors or guests (See 'Favorite Rental Clause?' above).

    Money Saving Maintenance Tip?
    Use the same color paint in all units.

    How Do You Encourage On-Time Rents?
    Charge Late Fees as permitted by law and give 'Christmas Bonuses' to prompt paying tenants.

    How Have You Collected Past Due Rent?
    HeeHee. Like that's really going to happen.

    Trick A Tenant Played On You?
    Tenant payed rent on time and at the same time was served a 1 month notice to vacate. Check was deposited promptly. Two weeks later the tenant stopped payment on the check and my bank honored the stop payment notice.

    Favorite Real Estate Book?
    Care and Feeding of Tenants by Andy Kane

    What's Rewarding About Being A Landlord?
    That rare and elusive note saying "Thank you for being a good landlord." enclosed with a rent payment.

    How Has MRLANDLORD.COM helped you?
    Aside from learning the basics, I've learned more at mrlandlord.com in the past 2 years than I've learned in 25 years of landlording.

 


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Comments From Landlords:

  • "I first want to THANK YOU! Your site is awesome. I have learned more since I have visited your site in one or two days then I have in my whole 10 yrs. dealing with rental properties. Many, Many Thanks keep up the good work."
  • "I want to express my gratitude to all of you and others who have answered my questions from this site. This site is a blessing to us all, both to the new and the old, to the beginner and veteran, to the rich and to those who wanted to become wealthy through real estate knowledge. Most of all I want to thank Jeffrey for his creativity and insight in helping us. May we continue building our wealth by helping others. Grace and peace multiply to each and everyone of us as we harvest the wealth of the land and help others do the same thing and shelter those who are in need of rental properties."
  • "I've only been a LL for 1.5 years. I searched all the websites I could find during that time. I've learned more from this site than any other. I no longer surf the net looking for info. I come here! I'll tell ya, there are none better than Mr. LL. So to all you neophytes...don't waste your time with the others. Stick with the best. Jeffrey...my hat is off to ya!"
    Dennis, VA.