LANDLORD PROFILE INTERVIEW:
Any Unique 'Local' Landlord Requirements?
Number of Rentals?
Years of Landlording Experience?
Dealing with numerous damages after a move-out.
Your Biggest Mistake?
New Landlord Advice?
You've got to be a people person and strive to accomadate each individual. You must listen to your tenants and respond to their concerns or complaints as soon as possible. Build a rapport with each tenant and make them feel like they are important to you or your business.
Favorite Type of Resident?
The elderly...I absolutely love them. I've had many since I started doing this 2 1/2 years ago and they love their homes and don't intend to leave me. They're so sweet!
Best Way to Find/Attract Residents?
Advertising in the local newspaper from time to time when we have units coming available. Normally, our rentals stay occupied by word of mouth from past satisfied tenants.
Favorite Application Question?
How long do you plan on living in your next rental home that meets your needs?
One Way to Keep Good Residents?
Keep up the rental property and do improvements from time to time that makes them feel like they're not just handing you money every month. Make them feel like you want them to enjoy their home.
Favorite Rental Clause?
Our 30-day written notice ONLY accepted between the 1st & 5th of each month when paying rent. It keeps our rentals on a schedule that allows me to use the rest of the month for other work. And...our NO PET POLICY even though I love animals, especially my two little yorkies-Harley and Dixie!!
Money Making Cash Flow Tip?
I am very strict with charging the late fee if the rent is received after 5:00pm on the 5th.
Money Saving Maintenance Tip?
If there is a maintenance issue that was caused by the tenant, charge them for the repair. Don't eat the cost of anything that you shouldn't be responsible for as the property owner.
How Do You Encourage On-Time Rents?
We give no discounts and it has always worked for us. You have between the 1st and 5th of each month to pay rent. We are very strict with whom we rent to and have gotten a past rental history on our perspective tenant 99% of the time. We have very good tenants who are told from the beginning how strict we are about rent being paid on time and evictions are filed on the 6th should rent not be received in the office or we don't get a phone call.
How Have You Collected Past Due Rent?
Most of the time, if someone falls behind I set them down and we work out a weekly or monthly payment plan in order to get that past due balance paid. I then make them sign to an agreement and if at any point a payment is not received, we file for monies owed.
Trick A Tenant Played On You?
A perspective tenant put in an application for a condo in the same complex that he said he was staying with a friend in. I had spoke with the landlord who was suppose to the "friend's landlord" who said that the tenant was 3 months behind on rent and had not paid utilties for months. It was his friend he was staying with, but it was himself that was actually the tenant. I didn't even consider his application. That was just a few days ago!
Favorite Real Estate Book?
The Landlord's Kit by Jeffrey Taylor. The book is wonderful and I've even used a few of the forms in there. I keep at work at all times for reference.
What's Rewarding About Being A Landlord?
Providing homes that people enjoy.
How Has MRLANDLORD.COM helped you?
The monthly printed Mr. Landlord newsletters are awesome. I've learned something new every month. One month, I remember reading about how much income you could bring in by collecting late fees and other revenue each year and I was stunned.
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