LANDLORD PROFILE INTERVIEW:
Any Unique 'Local' Landlord Requirements?
Number of Rentals?
Years of Landlording Experience?
Taking over miss managed properties, i.e. no written lease, no rental records, delayed maintenance, sublet issues, etc.
Your Biggest Mistake?
Using additional costs (legal fees, court costs) to try to "reason" with resident to move out. Serve the notice and go to court, if they are free-loaders not much else will work.
New Landlord Advice?
Join a local owners or managers association, the annual dues will pay you back time and time again, with revised legal forms, tax savings, and people who seem to know everything!
Favorite Type of Resident?
Short term 6-9 month resident that has purchased bare land to build a home. These residents can be found in every part of the country be befriending a couple of active RE agents in your area.
Best Way to Find/Attract Residents?
Yard sign with name rider with WEB address. I save hours each day by offering rental information on the internet. 24 hours a day a potential tenant can find out all of the specifics, before they call for a showing.
Favorite Application Question?
1) Why are you moving?
2) Have you given a 30 day notice to your current lanlord?
One Way to Keep Good Residents?
No deferred maintenace. Thank all residents for informing you of the problem and FIX it. If repair cannot be done promply, mitigate the situation as best you can and inform everyone of when the problem will be corrected propertly.
Favorite Rental Clause?
Residents responsible for exterior maintenance.
Money Making Cash Flow Tip?
Late fees, $20 if late, and $5 per day until paid. $50 for dishonored checks. (Editor's note: Check local laws before implementing late fee policy and determining amount).
Money Saving Maintenance Tip?
1) Buy supplies from large retailers, local harware stores see you coming.
2) Find a retired person for maintenance tasks. Most like the work and chance to assosiate with others more than the amount they are making. Most are honest and loyal as well.
How Do You Encourage On-Time Rents?
No such thing as a "grace period". Find out when tenants get paid when your signing the lease and make a realistic due date based on that information. Enforce late fees.
How Have You Collected Past Due Rent?
Pay or Quit notice served if rent is 3 days late. Notice has all late fees figured in as if resident is already 6 days late. If this does not motivate a payment, your resident's life has changed somehow, i.e. lost job, relapse on drugs or drink, divorce. Find out what has happened, and get a resolution in place. Neighboring residents and ex-lovers/ friends are a better source of information than the average non-paying resident themselves.
Trick A Tenant Played On You?
I allowed a lease to be switched out of one person's name and to his "daughter". Took a week to find out that the last name was all that they had in common. Run credit checks everytime, I would have caught this one if i had.
Favorite Real Estate Book?
Fundamentals of Real Estate Appraisal
What's Rewarding About Being A Landlord?
I really enjoy making my own schedule.
Being my own boss, no chance of a lay off. No one can downsize me now!
How Has MRLANDLORD.COM helped you?
#1 way - Affordable credit checks.
2) Free weekly newsletter is great.
3) OdorXit has saved me at least $800 this year.