LANDLORD PROFILE INTERVIEW
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MR Landlord's  Getaway Cruise

    LANDLORD PROFILE INTERVIEW:

    Name:
    Mike Spalding

    City:
    Littleton

    State:
    CO

    Any Unique 'Local' Landlord Requirements?
    $25 licence

    Number of Rentals?
    42

    Years of Landlording Experience?
    16

    Hardest Job?
    Having to do maintenance myself when a maintenance man doesn't show and the job has to be done.

    Your Biggest Mistake?
    Allowed a tenant to keep stiffing us for the rent while we went through a 7 month, city sponsored, mediation process. Meanwhile the tenant was subletting our place and collecting rent!

    New Landlord Advice?
    Talk to everyone you know in the business, attend local real estate organizations, read books (start with Landlording), and visit MrLandlord.com religiously.

    Favorite Type of Resident?
    The ones saving up for their own home. They are responsible and I like to see my tenants move up.

    Best Way to Find/Attract Residents?
    Word of mouth. In slow times we augment this with cash rewards to tenants who find new tenants.

    Favorite Application Question?
    Address of your current apartment?

    One Way to Keep Good Residents?
    Great service. We inspect every 6 months to find things we can repair. We offer various upgrades to long term tenants.

    Favorite Rental Clause?
    This lease is renewed on a month by month basis.

    Money Making Cash Flow Tip?
    Own your own laundry and soda machines. Unless you're keeping your apartments for only one or two years, you'll make tons of money on these.

    Money Saving Maintenance Tip?
    Inspect for leaks. Replace a wax ring today to avoid replacing a floor tomorrow.

    How Do You Encourage On-Time Rents?
    We give them postage paid, pre-addressed envelopes on the 26th. And we charge a $10/day late fee starting after the 4th. (Editor's note - readers, check your local laws to see if there is a limit on amount of late charge permitted)

    How Have You Collected Past Due Rent?
    With month to month leases our tenants rarely get behind. If they do, we collect the rent out of their deposit after we send them on their way.

    Trick A Tenant Played On You?
    A lady who was going to be late on her rent called the housing authority to report that her bathroom was dirty and had mold growing. The authority made us clean the tenant's 6 months worth of filth. (Editor's note, all landlords should review the video - What Landlords NeedTo Know About Mold.)

    Favorite Real Estate Book?
    Landlording

    What's Rewarding About Being A Landlord?
    It's fun to interact with the nearly 150 people we provide housing for, I love the steady cash flow while working 15 hrs/week, and I love the amazing growth of my equity over the years.

    How Has MRLANDLORD.COM helped you?
    The discussion forum provides good ideas for specific problems and the free special reports/weekly tips,/a>/monthly rental forms usually have something I can use to improve my cash flow.

    How Has MRLANDLORD.COM helped you?
    Helpful advice. Like the weekly tips and the advice found in the Q & A Library.

 


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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.