LANDLORD PROFILE INTERVIEW:
Richard H. Olson Jr.
Any Unique 'Local' Landlord Requirements?
Certificate of Occupancy Inspections every three years.
Number of Rentals?
Years of Landlording Experience?
Being Consistent and following through with enforcement of Lease provisions and Residential Policies.
Your Biggest Mistake?
Granting a waiver of lease stipulation to permit some activity that would otherwise not be permitted. Allowed some college kids to have a cook-out which got out of hand.
New Landlord Advice?
Never cut any resident a break you cannot give to other residents; Never cut any deal with any resident which may prove to be costly. Lastly, enforce your residential policies and leases right to the letter!
Favorite Type of Resident?
30-something business-person: quiet, pleasant to deal with, neat and on time rent payor.
Best Way to Find/Attract Residents?
Referrals from the Chamber of Commerce.
Favorite Application Question?
Have you ever been evicted?
One Way to Keep Good Residents?
Weed out the bad residents as swiftly as the law allows. The good residents will personally thank you.
Favorite Rental Clause?
All charges assessed by Lessor to the lessee for damages, late fees or other payables shall become additional rent.
Money Making Cash Flow Tip?
With "not so good" residents, do not renew their lease. Keep them at a tenant-at-will status. Then increase their rent to current market rent plus 6%. Let them pay you for the aggravation they cause you.
Money Saving Maintenance Tip?
Check all water supplies every six months for leaks or drips.
How Do You Encourage On-Time Rents?
Demand and Notice on the third day of the month.
How Have You Collected Past Due Rent?
Court, Eviction, Attachment!
Trick A Tenant Played On You?
Tenant stated (lied) they had gotten a new car and had "forgotten" to remove the sticker from the "old car" (By policy, tenants are permitted a maximum of two vehicle parking stickers). Subsequently, I made a site visit the following day and found "Three vehicles" registered to that tenant. All three were towed away and tenant was advised he would be evicted should any one of them return to the property.
Favorite Real Estate Book?
What's Rewarding About Being A Landlord?
Exceeding the income forecast by more than 8% for a property.
How Has MRLANDLORD.COM helped you?
A neat site with some really creative ideas coming from other property owners and managers.
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