LANDLORD PROFILE INTERVIEW:
Any Unique 'Local' Landlord Requirements?
Don't market to locals in gentrifying neighborhoods. They may only think they can pay the new market rents, and may have nearby extended family and friends who can come and populate your units. Market to the "new kids in town".
Number of Rentals?
Years of Landlording Experience?
Delegating repairs and renovations when I know that i would do a more conscientious job than a contractor.
Your Biggest Mistake?
Believing my own hype. Buying too much too soon, and not being experienced enough to know that economic downturns hurt the overleveraged the most.
New Landlord Advice?
"Better an extra month vacant than an unqualified tenant"
"Real estate success requires patience."
Favorite Type of Resident?
Sterile workaholic couples who just moved here and habitually remove their street shoes before entering their home thus not scuffing up my expensive hardwood floors, but that doesn't happen.
Best Way to Find/Attract Residents?
Don't skimp (underdescribe or overabbreviate) in your ads. Remember, every 30 minute network show is paid for by 4 minutes of ads. Make yours stand out!
Favorite Application Question?
Date of birth?
One Way to Keep Good Residents?
Remember that any resident is a customer, the most important part of the capitalist system. Be emotionally generous, as these people may be accustomed to adversarial relationships with previous building owners.
Favorite Rental Clause?
Credit for rent paid before the 5th of the month, further credit for auto bank transfers (you'd all pay your utilities and mortgages that way if it added to your cash flow, wouldn't you?)
Money Making Cash Flow Tip?
None...( i think long term.)
Money Saving Maintenance Tip?
Individual boilers/water heaters with individual maintenance contracts (when available) from local utilities.
How Do You Encourage On-Time Rents?
See supra (a little latin for the l&t attorneys).
How Have You Collected Past Due Rent?
In my quasi-socialist city (thank you, "temporary" rent control from the 2nd world war) it is cheaper to forgive late rent in exchange for a painless (no court), swift vacancy than to try to collect from the soon-to-be indigent. (You were supposed to screen out the proffessional deadbeats before they moved in, right?)
Trick A Tenant Played On You?
Got a month to hear 'em all?
"I'm only babysitting this dog."
"This washing machine does not get used, it was the last gift my late husband gave me, so I keep it for sentimental value"
"I don't know how the staircase became flooded" - (see prior line)
Favorite Real Estate Book?
I'm just starting to write it.
What's Rewarding About Being A Landlord?
Fnancial leverage (I don't care what your return on cash is, doesn't the entire asset value of a property go up at an average rate that at least matches your mortgage interest rate?)
Note: After 5 years, 96% of new businesses no longer exist.
After 5 years, 96% of new mortgages are either satisfied or consistently paying off for banks (reflected in the disparity between in-house mortgage and small business loan rates of interest[for loans not sold on the secondary market or subsidized].
How Has MRLANDLORD.COM helped you?
It makes me feel like I'm part of a community, but it shouldn't be us versus them. These people (tenants) allow us to achieve our goals, so smile when they call!