LANDLORD PROFILE INTERVIEW:

City:
Springfield

State:
MO

Any Unique 'Local' Landlord Requirements?
None

Number of Rentals?
12

Years of Landlording Experience?
3

Hardest Job?
Collecting money won in judgments.

Your Biggest Mistake?
I let a guy who was getting evicted the day after Christmas move into my vacant unit because a tenant finding agent vouched for him. Ended up with a bounced check, three holes in the wall, and a trashed unit that took anohter 4 weeks to refurbish and re-rent. Leasing agent painted my entired unit (free labor, including supplies) as an "apology" and lost his job 2 weeks later. His client, who I later learned was an old friend, beat him up when he tried to go after him, and I haven't heard a word from either of them since. School of hard knocks worked for me; I hope it worked for the ex-agent.

New Landlord Advice?
Two things that are related are: don't buy the first property you find just because you want to get started fast. Take your time and buy wisely. Talk to agents, read your classified ads, and talk to other investors who have been around for a while. Don't listen to guru books. They've made their money by the time you start reading their book, and most could care less if you succeed or fail. Second item is choose your tenants as carefully as you choose your properties. Set reasonable screening standards and stick to them. Don't fall for sob stories. Good tenant plus good property equals happy landlord.

Favorite Type of Resident?
The kind that pay on time, never move out, and voluntarily make improvements to my property after receiving my approval. I have yet to find a tenant who meets all three criteria, though one is pretty close.

Best Way to Find/Attract Residents?
Yard signs and directional signs like REALTORS use. They are cheap ($5 at most hardware stores, Home Depot, etc) and you can put them up near busy intersections. Who cares if a few walk away? It's cheaper than $100 a day in the newspaper.

Favorite Application Question?
I run a credit, background, rental history and income verification check on all prospective tenants. Tell me what I will find.

One Way to Keep Good Residents?
Respond to legitimate repair requests in a timely, organized manner. Good tenants like landlords who value them, and as the old saying goes, "money talks". Don't balk at making the repairs, or your tenants will not care about your property either.

Favorite Rental Clause?
Rent is due on 1st of the month. After the 4th, a late fee of $5 per day will be added for each day until rent and fees are received in full. If you do not pay as agreed, you will either vacate the premises upon demand from the landlord or you will be evicted by a court of law. There are NO EXCEPTIONS to this policy.

Money Making Cash Flow Tip?

Money Saving Maintenance Tip?
Do the maintenance you can handle. Even an unhandy person like me can save money mowing the lawns, painting rooms, or steam cleaning carpets. Buy your own Rug Doctor. I got new one for $600 on Ebay that will take the nastiest stains out of a carpet. It paid for itself after 5 rentals cleaned.

How Do You Encourage On-Time Rents?
I charge late fees and I expect them to be paid. Any payment received is applied to late fees first, then rent. I evict if a tenant ever goes over 10 days past due and does not respond to my letter or call.

How Have You Collected Past Due Rent?
Garnished wages and seized bank accounts. The first time I got a money judgment I got the whole thing ($1200) from a bank account. That was a one-time lucky scenario. Since then I've only collect 1/2 of another judgment by tracking down the guy's employer. His neighbor in my duplex never liked the guy and told me where he ran off to.

Trick A Tenant Played On You?
A lady claimed to have a medical condition that made her forgetful, which is why she didn't pay the rent. The judge at the eviction trial noted that she was aware enough to have brought an itemized list of every payment she'd made to me over the lease plus the date she said she gave her 30 day notice (which was actually a 14 day verbal, never got the written notice).

Favorite Real Estate Book?

What's Rewarding About Being A Landlord?
A lady claimed to have a medical condition that made her forgetful, which is why she didn't pay the rent. The judge at the eviction trial noted that she was aware enough to have brought an itemized list of every payment she'd made to me over the lease plus the date she said she gave her 30 day notice (which was actually a 14 day verbal, never got the written notice).

How Has MRLANDLORD.COM helped you?
The experience available here is breathtaking. Almost any question you ask generates considerate and sometimes humorous responses. The people here are in the trenches. They are soliders of fortune, their fortunes and yours. Use their experiences and share yours too.

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