LANDLORD PROFILE INTERVIEW:
Any Unique 'Local' Landlord Requirements?
None - it's a pretty landlord friendly area.
Number of Rentals?
Years of Landlording Experience?
I've only had one eviction but it was the hardest thing we've encountered so far. Not because we didn't want the renters out, or weren't willing to get them out, but because we had to sit back during the eviction and wonder what the tenants might be destroying inside the house as we watched the outside become trashier and trashier. We got lucky, the inside was in good shape.
Your Biggest Mistake?
Buying a multi-unit building without thoroughly researching the market for the type of units it had. They were studio apartments and the demand is not great for that type of rental where the building is located. And it attracts a transient type tenant. Big mistake.
New Landlord Advice?
Try and figure out what kind of property you want and what kind of tenant it will attract. The best properties attract the best tenants. Stay out of the low-end stuff.
Favorite Type of Resident?
Professional couples in their late twenties-early thirties.
Best Way to Find/Attract Residents?
Well, I guess we're behind the times but our best results come from signs in the yard. Also, referrals from current tenants have worked well for us.
Favorite Application Question?
Ever been evicted or asked to leave a residence?
One Way to Keep Good Residents?
We allow small dogs. We find that tenants with dogs stay much longer because there are few options out there for them in rental homes. Most of our tenants have pets and they have taken very good care of the pets AND the property. Also, we keep the properties in very good repair and respond to problems usually the same day they are reported.
Favorite Rental Clause?
This clause came from my friend Aldo: "All monies received will be applied first to previous charges then to current charges."
Money Making Cash Flow Tip?
Take care of your accounting and your accounting will take care of you.
Money Saving Maintenance Tip?
We use the same interior paint for all our properties. This keeps us from having to do complete re-paints most of the time. We can usually feather out dirty areas and nail hole repairs without having to paint the whole interior of the house.
How Do You Encourage On-Time Rents?
Late fees after the 5th of the month.
How Have You Collected Past Due Rent?
We've only had the one eviction. Could have gone for a judgement but the renter was self employed. Just didn't feel it was worth our time and money to beat a dead horse.
Trick A Tenant Played On You?
How about moving out in the middle of the night? But the dummy worked in the same building as my husband -- we got the rent to the end of the month and had the apartment re-rented by the first of the next month.
Favorite Real Estate Book?
Aggressive Tax Avoidance for Real Estate Investors by John T. Reed.
What's Rewarding About Being A Landlord?
Watching our investments grow and providing nice homes to good people.
How Has MRLANDLORD.COM helped you?
I visit the Q&A Board almost daily. It lets me see how others handle problems. Also, I've made friends in the Chat Room. Not many people I know have a clue as to what we do or what it takes to be successful. The people here are great! I love this website.