LANDLORD PROFILE INTERVIEW:
Any Unique 'Local' Landlord Requirements?
This is not unique to our area but good advice. Always think about long term benefits instead of short term problems when handling a situation. Adopting this policy will help you be successful in this business.
Number of Rentals?
Years of Landlording Experience?
I hate dealing with abandoned cars at a rental property. They are very tough to dispose of in our area. I have only had to deal with these items a few times over the years but they are very challenging.
Your Biggest Mistake?
There are too many problems with owning rental property in partnership with someone else. I have been in some bad partnerships that I should not have got involved with. I did learn a lot about what not to do in these partnerships.
New Landlord Advice?
Current landlords need to join a trade association, subscribe to newsletters, and learn as much as possible about computers and the Internet. I think that eventually many tenants will be on the Internet and have computers in their units.
Favorite Type of Resident?
I like senior citizens. They pay the rent on time, never move unless they die, and are too old to want to have a lot of parties.
Best Way to Find/Attract Residents?
I use advertising in a local newspaper. I also offer a monetary incentive to existing residents if they refer someone to me that I rent a unit to.
Favorite Application Question?
Have you ever been evicted or filed for bankruptcy?
One Way to Keep Good Residents?
You need to fulfill maintenance requests quickly and without objection. Most residents have legitimate maintenance requests in my units when they call.
Favorite Rental Clause?
No pets allowed except for fish in a bowl or birds in a cage.
Money Making Cash Flow Tip?
Invest money from this business in your mind by reading positive books or listening to tapes to have a strong positive mental attitude and to seek our mentors like Jeffrey Taylor, Jay DeCima, or John Schaub to name a few. Go to seminars and conventions when you can. Learn more than your competition!!
Money Saving Maintenance Tip?
Fulfill service requests quickly and without objection to keep residents wanting to rent from you for long periods of time.
How Do You Encourage On-Time Rents?
I always send out a 72 hour notice when the rent is past due and do it in a businesslike manner.
How Have You Collected Past Due Rent?
When a tenant moves and owes me rent, I turn the debt over to a collection agency and let the debt obligation go on their credit report. I never let residents get more than 30 days behind on a rent obligation. If they keep paying in a slow manner, I may give them a 30 day notice to move.
(Editor's note: Click here to contact Judgment Collection Services that you can now sign-up with through the mrlandlord.com website.)
Trick A Tenant Played On You?
Some residents have tried to sneak animals in a unit when there was a No Pets Clause in the rental agreement. I hate it when they do that.
Favorite Real Estate Book?
How I Turned $1000.00 Into Five Million Dollars in Real Estate in My Spare Time by William Nickerson.
What's Rewarding About Being A Landlord?
The equity build up over time and cash flow have enabled us to pay for our Son's private school education and college when he was growing up. Also, when we attend Seminars like the MrLandlord.com Cruise Conference, we can take a large tax deduction for these expenses.
How Has MRLANDLORD.COM helped you?
This is a very tough business that I have been in for a long time. Any information or moral support I can get to make me do my job better will keep me strong in the business. This is what this WEB Site is designed to do. Jeffrey Taylor has a great vision for the future to help landlords grow with their business. I am proud to be a part of his vision.