LANDLORD PROFILE INTERVIEW:
Vivian S. Bedoya
Any Unique 'Local' Landlord Requirements?
Rent Control Ordinances
Number of Rentals?
Years of Landlording Experience?
Saying no and enforcing the rules without feeling guilty.
Your Biggest Mistake?
Renting to Section 8 tenants. Too many rules and red tape from the government, too many headaches from tenants who don't appreciate a good property since they are not paying the full rent out of their pockets. My experience has found that it's a different sort of mentality than other tenants.
New Landlord Advice?
1) Always use a rental contract (lease) with all your rules clearly spelled out, make sure it's signed and dated by the tenant, and a detailed application form. Run credit checks on all prospective tenants, NO EXCEPTIONS, and verify every bit of information they give you - it takes time, sure, but it will save you headaches later!
2) Also, visit this website often for great advice.
Favorite Type of Resident?
Adult working-class couples.
Best Way to Find/Attract Residents?
Keep property at its best and your existing tenants will bring you great prospects. I haven't run an "apartment for rent" ad in years because before I am even ready to rent, someone has been recommended to me.
Favorite Application Question?
Why are you moving?
One Way to Keep Good Residents?
Maintain property and apartments in great condition and respond quickly and efficiently to your tenant's complaints. It shows you care about them, not just their rent.
Favorite Rental Clause?
$30.00 late fee will be added to all rents paid after the 5th. of month. NO EXCEPTIONS!
Money Making Cash Flow Tip?
DO THINGS RIGHT THE FIRST TIME. Renovate vacant apartments to the best of your ability, and command more rent which tenants will willingly pay because they are getting a good bargain.
Also, do not price your apartments too high or you'll find that the turnover will be excessive. Better to keep good tenants at reasonable rents longer than go through mediocre tenants over and over again.
Money Saving Maintenance Tip?
1) Invest in a good set of how-to books and save lots of money fixing minor problems around your property yourself.
2) Never buy cheap faucets or second-rate plumbing supplies and always repair leaks quickly - imagine every drop is a dollar bill going down the drain!
How Do You Encourage On-Time Rents?
Charge $30.00 late fee and NEVER waive it, no matter how good an excuse the tenant comes up with.
How Have You Collected Past Due Rent?
File eviction papers in court and let the system do the rest.
Trick A Tenant Played On You?
Tenant claimed he was moving in with his two brothers. Two months later, each brought a wife plus a child (which none disclosed on the rental application) were stuffed into a one-bedroom apartment. I gave him his walking papers pronto!
Favorite Real Estate Book?
Many to choose from. Editor's note - review most popular real estate books on this website.
What's Rewarding About Being A Landlord?
Being autonomous. After working for the telephone company for seventeen years and hating it, I love not having to work for anyone else. Working hard but having the freedom to spend summers free and being available for my children - PRICELESS.
How Has MRLANDLORD.COM helped you?
This website makes me feel like I have someone in my corner with support, advice, and sympathy for what we landlords go through sometimes. The tips and forums are very helpful.