LANDLORD PROFILE INTERVIEW:
Any Unique 'Local' Landlord Requirements?
Number of Rentals?
Years of Landlording Experience?
Fighting legal aid when they represent a "problem tenant". I do all of my own legal work and it is time consuming.
Your Biggest Mistake?
Hiring an attorney to do legal work - they are not very thorough in this area of the Country (at least the ones that I have used).
New Landlord Advice?
Never become friends with your tenants - keep it strictly business.
Favorite Type of Resident?
I have quite a few that the only time I hear from them is when I get a Christmas card from them.
Best Way to Find/Attract Residents?
Run simple ad and screen, screen, and screen!
Favorite Application Question?
Why do you want to rent this house from me? What makes you a good tenant and why should I rent to you?
One Way to Keep Good Residents?
Never raise rents as long as I never hear from the tenant.
Favorite Rental Clause?
Tenant is responsible for a $50 fee for maintenance call to fix anything on the premises. (This gets rid of nuisance calls)
Money Making Cash Flow Tip?
Put in top quality plumbing, cabinet flooring products to avoid maintenance calls.
Money Saving Maintenance Tip?
Secure large deposits up front and spell out hourly repair fee $35/hr and cleaning fee $20/hr when tenant vacates.
How Do You Encourage On-Time Rents?
I give a Christmas present to each tenant that had no lates during the year- usually a $200 gift certificate for food.
How Have You Collected Past Due Rent?
If I need to evict, I subpoena all bank and employer records for the Court appearance so if they don't pay, I have all the current info to collect.
Trick A Tenant Played On You?
Put water bill and phone bill in my name that were sent to the rental - skipped out and I was stuck with over $3,000 in bills. (many years ago!)
Favorite Real Estate Book?
None when I got started.
What's Rewarding About Being A Landlord?
Helping low to moderate income people live in totally remodelled homes that they and their kids are proud of. Also, we have a landlord cable tv show that I produce that has networked and galvanized the inner city landlords here in the Minneapolis area.
How Has MRLANDLORD.COM helped you?
I have filed numerous key lawsuits against the City of Minneapolis (and won) and have found companion cases highlighted on your website and email newsletter that help me in our cases here.