LANDLORD PROFILE INTERVIEW:
Any Unique 'Local' Landlord Requirements?
Just the norms you may see, license in Prince George's County, MD.
Number of Rentals?
Years of Landlording Experience?
Having tenants understand an eviction is as a result of them not paying. You cannot live anywhere for free unless you are under 18 and at home.
Your Biggest Mistake?
Negotiating an amount with a prospective tenant that clearly showed some signs that the property should not have been rented out to them.
New Landlord Advice?
Education about the local laws in your area should be a must. Spend a day or two in landlord/tenant court listening to cases before you may have one of your own. Be proactive in learning different areas of being a landlord.
Favorite Type of Resident?
Single (divorced) male, works two jobs with no children. Usually, because of work when home they sleep then leaves for work. Divorced, usually means not looking for someone to marry soon. Which means one person occupant property.
Best Way to Find/Attract Residents?
Depends of the location and type of property. For example, condo might say secure building with security on parking lot.
Favorite Application Question?
How long have you been employed? Show longetivity on the job and the story follows to understand why they want to continue renting.
One Way to Keep Good Residents?
Annual improvements (perks) depending on the property area rug, new appliance etc.
Favorite Rental Clause?
The failure of either party to enforce any provisions of this lease shall not be contrued as a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of the lease.
Money Making Cash Flow Tip?
Have automatic monthly money deposits to eliminate loss of days money hasn't been received.
Money Saving Maintenance Tip?
Do not buy production property level products for some properties according to the number of occupants.
How Do You Encourage On-Time Rents?
No increase the following year if all "12" months are paid on-time.
How Have You Collected Past Due Rent?
Payment schedule arrangment with past tenant, garnish military, judgement, lien on their property.
Trick A Tenant Played On You?
Tried to write the check for the incorrect date. Lesson- Always review the check upon receipt if in person before leaving the location.
Favorite Real Estate Book?
Every Landlord Legal Guide - Marcia Stewart
What's Rewarding About Being A Landlord?
Passive income and helping people.
How Has MRLANDLORD.COM helped you?
Network, Network, Network with others. You can understand lessons learned without having to live through each one.
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