LANDLORD PROFILE INTERVIEW:
Any Unique 'Local' Landlord Requirements?
Must be self motivated, enjoy people and like a challenge.
Number of Rentals?
Years of Landlording Experience?
In the landlord business, the hardest job is being firm in regards to your rules and regulations.
Your Biggest Mistake?
Confronting tenants in person. I now address all issues in writing.
New Landlord Advice?
It's easy to be kind and want to make friends instead of enemies. But in this business one must implement rules and stick to them no matter what we may feel for our tenants or what emotions we may feel just as human beings. Remember this is a business and we must treat it as such.
Favorite Type of Resident?
I like single moms that truly want a second chance in life.
Or the single adult career woman with no children.
But as a rule I find that all my residents are my favorite because each has their own personality and each of them I hand picked, which meant they were screened and screened some more easing my mind that they are my favorite residents.
Best Way to Find/Attract Residents?
I advertise on my web page. I get lots of referrals from my tenants as well.
Rental agencies that sell our listings are most often times the best resource, however I do advertise in the paper as well.
Favorite Application Question?
How long have you been employed?
One Way to Keep Good Residents?
By showing you care. And that is done by taking care of repairs immediately. I try to treat everyone as I would like to be treated. I am fair and I am honest and that comes across.
I genuinely care about people, yet I am strict and that comes across as well.
My tenants feel safe and secure because they know I will take care of them and I think that means a lot.
Favorite Rental Clause?
Must obey all city ordinances.
Money Making Cash Flow Tip?
Make a least $100 per unit as profit.
Purchase almost condemned properties for a song and a dance then fix them up and flip them or rent them out.
Never let anyone tell you it's impossible.
Do whatever it takes to buy your properties and continue to buy more.
Money Saving Maintenance Tip?
Take care of repairs as soon as they are reported.
Most on this web site have good advice on how to fix things and cheap. Can't find a better place to be in the "Know" of things.
How Do You Encourage On-Time Rents?
I have an early rent contest where I put everyone's name in a box on the 5th of the month who have sent their rent in. Whosever name I draw wins a $25 gift certificate of their choice, restaurants, phone cards, Best Buy, Etc.
Plus I charge a $25 late fee after the 5th and I do file in court every month on the 11th without fail.
When tenants know the rules they most likely will adhere to them.
But I like to reward my tenants as well. They deserve it!
How Have You Collected Past Due Rent?
Evictions. I don't play games. Rent is due when rent is due and no excuses are acceptable.
Evictions are time consuming. They know when rent is due. They have until the 11th of the month to pay or be sued. 11 days is plenty of time to pay their rent.
Trick A Tenant Played On You?
Some have taken our ceiling fans when they have left, and even the stairs to upstairs loft believe it or not. We have had tenants take the wet bars as well as furnces. Nothing surprises me anymore.
Favorite Real Estate Book?
My own of course, "Everything you wanted to know about being a landlord but didn't know who to ask" and my new one called "You Know You're a Landlord When"
What's Rewarding About Being A Landlord?
I enjoy people. There has to be a reason for being on this old earth and I believe it is to enjoy all that our creator has to give, and to help others.
What better way to help another human being than to offer nice housing to those that can't afford to buy their own or who may be trying to start over in life.
I enjoy providing good homes. I enjoy giving those who DESERVE it a chance. I enjoy interacting with people, and doing open houses and watching people's reactions.
Being a Landlord can be frustrating but so rewarding because there is no better satisfaction in life than knowing that you've done something that was good...that helped another human being, to be liked and respected, and have self worth.
I have accomplishe a lot and It is a great feeling to know that something you've worked hard in, has paid off not only financially but in pleasure.
How Has MRLANDLORD.COM helped you?
There is no other site where Landlords can truly come together and discuss whatever is on their minds.
Landlords have been given a bum rap for a very long time in this old world. We're consider mean and money hungry old coots that don't care about anything else.
On Mr. Landlord we can talk about the emotional toll it takes on us to have to evict a little old lady at Christmas time. The anger we feel when our properties are destroyed, or the disappointment we feel when the courts side in with the Tenants when we've done everything right.
Only on Mr. Landlord can people understand us, what we go through, and help us to continue when things don't seem to go so right.
It's a great site! So much information and for FREE.
It has helped me become a better person, a better landlord, and have given me friends that would be hard to find in the everyday world.
Editor's note: Nancy willbe one of the featured workshop leaders at the upcoming 3rd Annual MrLandlord.com National Convention.