LANDLORD PROFILE INTERVIEW:
Any Unique 'Local' Landlord Requirements?
Number of Rentals?
Years of Landlording Experience?
Evicting someone that has just been laid off and cannot find work.
Your Biggest Mistake?
I did not buy my first rental property until I was 33, should have started when I was 25.
New Landlord Advice?
Replace all P-traps, faucets, water shutoff valves, light switches, outlets, light fixtures, door knobs, door locks, toliet tank parts, water heaters older than 10 yrs, furnace/AC older than 15 yrs and roofs older than 25 yrs on all properties before renting. Cost a lot less to do all at once than to have service calls. Always use ceramic floor tile in bathrooms and kitchen, cost more but you do it one time. And if you buy right you can roll this cost into your mortgage and still be at 80/20 LTV. Never make personal friends with tenants.
Favorite Type of Resident?
A married professional couple that has one dog, no kids, excellent jobs and need housing for 2+ years. Due to the unwanted dog by most landlords I"ll have them for many years and the dog will have less stain/wear impact than kids.
Best Way to Find/Attract Residents?
Local newspaper and nice sign in yard, not a for rent sign nailed to a broom stick. Don't advertise for pet owners but consider renting to qualified renters that have one pet. You can also charge $25+ per month extra.
Favorite Application Question?
Have you ever been convicted of a crime?
One Way to Keep Good Residents?
Take care of repairs ASAP. After one year offer a carpet shampoo or a ceiling fan installed in a room. Keep properties in good repair.
Favorite Rental Clause?
All rents must be paid by money order or cashiers check.
Money Making Cash Flow Tip?
Always charge for late fees. Install low energy bulbs and shower heads if you are paying the utilities.
Money Saving Maintenance Tip?
Follow my "New Landlord Advice" and never have a tenant do repairs or trade labor for rent. Clean gutters, AC/Furnance twice a year.
How Do You Encourage On-Time Rents?
Late fees start on the 5th, Pay or Quit notice sent on the 10th, no exceptions.
How Have You Collected Past Due Rent?
No one is ever behind more than two weeks therefore security deposit usually covers past due after eviction.
Trick A Tenant Played On You?
Parents left teenage son home alone for the weekend and he had a party. A barrel of beer was thrown through a large bay window and the son ended up in jail after driving his car into a nearby house.
Favorite Real Estate Book?
Rich Dad Poor Dad
What's Rewarding About Being A Landlord?
Providing afforable nice housing. Gaining equity and appreciation using none of my own money.
How Has MRLANDLORD.COM helped you?
The entire site is great!
Editor's note: Join many of our website visitors in Las Vegas, May 19-21 at this year's MrLandlord.com's National Convention.