LANDLORD PROFILE INTERVIEW:
Any Unique 'Local' Landlord Requirements?
Mandatory Registration; Very tough Code Enforcement.
Number of Rentals?
Years of Landlording Experience?
Finding good, responsible tenants that take their obligations seriously.
Your Biggest Mistake?
Too trusting...Letting my compassion override my logic and letting tenants get too far into me financially before finally taking necessary legal action.
New Landlord Advice?
Always treat it like a business; and put everything in writing. Every single lease transgression should be countered with a letter informing them of the unacceptable practice and the possible consequences.
Favorite Type of Resident?
Forty to fifty year old divorced, working female. She doesn't want to party or deal with any more men; she doesn't want to worry about taking care of a house. She just wants to go to work and then know that she can come home and relax. She pays her bills, and will stay put for a good number of years.
Best Way to Find/Attract Residents?
Referrals, referrals, referrals... and yard signs.
Favorite Application Question?
Why are you moving?
One Way to Keep Good Residents?
Treat them with respect. Be firm, but fair. Let them know what your expectations of them are, and run your business professionally so that they know you mean what you say.
Favorite Rental Clause?
Housing Provider retains the exclusive right to post political signs of his choosing only in the yard. No other signs are permitted.
Money Making Cash Flow Tip?
Sale of used furniture left over from other tenants or acquisitions.
Money Saving Maintenance Tip?
Do all maintenance right the first time. Forget the band aids, duct tape and rubber bands. Use the right products for the job and use a professional maintenance man.
How Do You Encourage On-Time Rents?
Strict enforcement of late fees. Good, constant and open communications with tenants.
How Have You Collected Past Due Rent?
Every way possible. Letters, telephone calls, contact with friends, relatives, employers, emergency contacts. Legal action. Collections agencies. Trade of their labor against their debt. Trade of their assets (I just took a car last month) against their debt.
Trick A Tenant Played On You?
Conning me into a trade of work in lieu of deposit money...and the work never gets done, and the deposit never gets made.
Favorite Real Estate Book?
What's Rewarding About Being A Landlord?
Giving a second chance to someone that needs it and deserves it...and then they actually prove your judgment right by thanking you, by fulfilling their obligations, by giving you referrals, and by successfully lifting themselves up a notch in part, because you gave them a second chance just when they needed it most.
How Has MRLANDLORD.COM helped you?
Endless information, exchange of ideas and free reports on special topics, and much, much more.