LANDLORD PROFILE INTERVIEW:
Any Unique 'Local' Landlord Requirements?
None that I know of.
Number of Rentals?
Years of Landlording Experience?
Hired a friend to do some contracting work. Then having to let him go after very, very poor performance.
Your Biggest Mistake?
Mixing busines and friendship.
New Landlord Advice?
Know your competetion. Tour at least 10 other rentals before jumping in the business. If you can offer better homes for a competitive price, your in the right area.
Favorite Type of Resident?
Military or business transfer. Military renters will almost always leave the house in good condition or the military will compensate. Business people are usually willing to pay more because the company is offering a relocation settlement.
Best Way to Find/Attract Residents?
Advertise in local paper that will advertise online also. I've found the highest paying renters usually come from out of town.
Favorite Application Question?
Are you military? I live near Wright Patt Air Force base so have alot of military renters. I give a 10% reduction to all military and a BIG THANK YOU for their service.
One Way to Keep Good Residents?
Offer a great home. I buy the worst house in a nice neighberhood and make it the best. As long as a landlord offers good service the house will speak for itself.
Favorite Rental Clause?
First months, last months, and Damages. 3 Months up front rent. People pay it if you ask for it. Just have to have the courage to ask(Editor's note, check first with state laws to see if there is a limit on how much money deposit or money beyond first month's rent can be collected).
Money Making Cash Flow Tip?
Produce quality homes and ask for top dollar rent.
Money Saving Maintenance Tip?
Don't be penny wise and pound foolish. If you need a new roof or water heater get one. It will save you tons in the end.
How Do You Encourage On-Time Rents?
Early pay. If you pay before the rent is due you get 5 percent off. If your late stiff penalties that will be strictly enforced.
How Have You Collected Past Due Rent?
I had some good kids (Military) who couldn't pay their rent. I had them paint the house instead of rent money. They let me know soon enough to rent the house out to someone else the following month.
Trick A Tenant Played On You?
"I promise I have only one dog and its just little." I'm sure we've all heard that one. Next thing you know you have cujo living in your house. Must provide pictures of pets.
Favorite Real Estate Book?
IRS tax code. LEARN IT - LOVE IT.
What's Rewarding About Being A Landlord?
Taking the worst house and breathing life back into it, then taking the right family and giving them a beautiful home. I just can't believe I get paid so well to do something that I love.
How Has MRLANDLORD.COM helped you?
I read this website EVERY DAY. The tidbits on the daily news can spark ideas. Plus I like that I can print off the lead paint booklet. Thanks!