Metamorphosis (by Shaun [FL]) Jul 9, 2019 10:11 AM|
Metamorphosis (by MC [PA]) Jul 9, 2019 10:40 AM
Metamorphosis (by myob [GA]) Jul 9, 2019 11:38 AM
Metamorphosis (by bet [MA]) Jul 9, 2019 11:55 AM
Metamorphosis (by J [FL]) Jul 9, 2019 12:02 PM
Metamorphosis (by Robert J [CA]) Jul 9, 2019 12:48 PM
Metamorphosis (by Robin [WI]) Jul 9, 2019 4:18 PM
Metamorphosis (by Hoosier [IN]) Jul 9, 2019 4:42 PM
Metamorphosis (by 6x6 [TN]) Jul 9, 2019 7:05 PM
Metamorphosis (by WMH [NC]) Jul 10, 2019 8:52 AM
Metamorphosis (by AllyM [NJ]) Jul 10, 2019 1:01 PM
Metamorphosis (by AllyM [NJ]) Jul 10, 2019 1:13 PM
Metamorphosis (by BRAD 20,000 [IN]) Jul 11, 2019 2:09 AM
Metamorphosis (by BRAD 20,000 [IN]) Jul 11, 2019 2:10 AM
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Metamorphosis (by Shaun [FL]) Posted on: Jul 9, 2019 10:11 AM
Just an observation...
I have only been in Residential rentals for 12 years.
Prior, I had Commercial and Agriculture leases, still have Ag leases.
My point is I have noticed that I have gone through a metamorphosis over time. Not only have I tighten up clauses in the lease, so there is NO doubt about expectations. But at one time there were clauses in the lease which originally had "wallet training" repercussions that I had changed to $0.00. "I wasn't going to knit-pick my tenants".
Fast forward 12 years... I keep a log/ calendar of who, date, time, subject of all calls. I follow up in writing concerning verbal conversations, by email or letter. I do bill for maintenance issues that were cause by the Resident, especially plumbing stoppages. I do send out "reminders" for parking on the grass, not maintaining the yard, unauthorized animal or additional occupant, etc... If I have to post a PQ or any notice, I take a time/date stamped picture of it taped to the door.
The number of "move-in" pictures. I use to just take 1-2 pics per room, none of the yard. Now I take 10-12 pics per bedroom, living, closets, porches, decks, etc. and Kitchen every angle of the room, all cabinets and drawers closed and open, Frig, Stove top with and w/o burners, Oven, Dishwasher. I now take pics of the yard, front and back multiple angles and the exterior of the house, all four sides.
Security Deposit Settlement Statements; I use to feel bad charging against the deposit... Not any more.
And most of all, major changes in the filing of vacancies and screening.
If you reflect on your years as a LL. What have been the some of the things you have changed?
Metamorphosis (by MC [PA]) Posted on: Jul 9, 2019 10:40 AM
Learned real fast not to bring a checkbook when a tenant is leaving. Try not to wait the 30 days by law but with other jobs it does come close. Also don't believe everyone-pleasantly surprised when someone is telling the truth. Always check as much as I can. I also felt bad about security and little things but they added up and I had to pay so.. I don't nitpick for a light bulb but I try to be reasonable. --73.230.xxx.xx
Metamorphosis (by myob [GA]) Posted on: Jul 9, 2019 11:38 AM
This is hysterical-- I mean it.
It's called getting "HARDENED" THAT IS TRULY funny. --99.103.xxx.xxx
Metamorphosis (by bet [MA]) Posted on: Jul 9, 2019 11:55 AM
Changes: I dont feel bad about anything, hardships, stories, nothing. My way or the highway and you wont even see it coming. Everything is in writing and I try to talk as little as possible. --73.227.xxx.xxx
Metamorphosis (by J [FL]) Posted on: Jul 9, 2019 12:02 PM
I guess what's changed for me...is I'm more aware of what has to be done to a place at turnover to attract good tenants. And like you I've grown numb to a lot of situations where there's going to be conflict or I'm going to have to tell a tenant something they don't want to hear.
Metamorphosis (by Robert J [CA]) Posted on: Jul 9, 2019 12:48 PM
Here in California there is 1 attorney for every 200 people. So the "victim" tenant will make false claims and get a "free" attorney to back them up to sue the Rich Slumlord..
Pictures replace 1000 words. Confirmation text'ed messages and emails are standard. Document everything. Keep excellent records.
Metamorphosis (by Robin [WI]) Posted on: Jul 9, 2019 4:18 PM
The biggest change is that I don't feel a knot in my stomach any more when a tenant calls. Any problem can be fixed for a price, and we keep enough in reserves to handle just about anything. --204.210.xxx.xxx
Metamorphosis (by Hoosier [IN]) Posted on: Jul 9, 2019 4:42 PM
I can't count the number of changes I've made in the 13 years I've been doing this...but a few key ones are...
1) No individual "on demand" showings
2) Google voice phone voicemail screening (I never answer)
3) Much tighter lease...probably 5 revisions per year initially...still make 1-2 revisions each year mainly from things I read on this forum
4) Stopped buying the cheapest parts, they break and wear out too fast...for example I only use Delta or PF faucets now
5) Focus spending/improvements on things that are difficult for a tenant to break, such as roofing, plumbing pipes, wiring in the walls (updating old houses with 2-prong plugs to modern romex with 3-prong), etc.
6) Think about the "exit strategy" in every strategic decision. When the time comes to sell the units, I don't want to have a lot of "unusual" things going on or significant infrastructure that needs fixed. I don't buy houses with swimming pools, in-law suites, or wood stoves in the middle of the living room...as very few people want these items and IMO it would make them more difficult to sell later. I want "typical" SFHs that will be easy to resell. I'm sure there is a market for those unusual properties...but I prefer something more "liquid".
One thing I've not changed on since I realized it right from the start...better to have an empty unit than a bad tenant in that unit. --99.92.xxx.xxx
Metamorphosis (by 6x6 [TN]) Posted on: Jul 9, 2019 7:05 PM
I use to try being way to nice to the tenant in regards to not charging enough rent and then not upping the rent. I now realize they could care less about me or the house so I am changing my evil ways.
I think myob said it well. Getting hardened.
I have also learned a lot from all the awesome LL on this site. I am still learning too. --73.120.xx.xxx
Metamorphosis (by WMH [NC]) Posted on: Jul 10, 2019 8:52 AM
Literally everything has changed, from what we look for in properties AND tenants, to how we find them, to the clauses in our lease (from one page to 14) to how we enforce them... --50.82.xxx.xx
Metamorphosis (by AllyM [NJ]) Posted on: Jul 10, 2019 1:01 PM
What has changed for me is the tenant pool. Older folks are buying homes through various govt. programs so I am getting the young folks who need training. They have to be watched. The last pair wanted to start a stinky vehicle repair business in the little garage. No go and please go elsewhere. I mentioned that I was getting a lawyer and they left. Current young couple see the basement as "theirs" and have to be told. Also the yard. But it will work out. --173.61.xxx.xx
Metamorphosis (by AllyM [NJ]) Posted on: Jul 10, 2019 1:13 PM
Darn, I thought you were going to say you had changed into a big beetle. --173.61.xxx.xx
Metamorphosis (by BRAD 20,000 [IN]) Posted on: Jul 11, 2019 2:09 AM
ZT - the day I stopped accepting excuses THEY PAY!
ELT - brought in $4000 this month.
Charge what it really cost at $50 per hour PLUS MY time. No "absorbing".
Focus on Move Out Packet (thanks WMH!). WE are now getting most homes back HOTEL CLEAN AND RENT READY. Saves me THOUSAND$$$.
Earlier: learned how to use court to our advantage. Deadbeats learned it so why can't I?
20+ years ago: Lockbox showings. Have not shown a vacant home in over 1,000 leases.
Work ON my business, not IN it. Constantly reviewing and improving.
Checklists! for every repeatable task. (Jeffrey)
Assign important tasks to a specific person. (Jeffrey)
Metamorphosis (by BRAD 20,000 [IN]) Posted on: Jul 11, 2019 2:10 AM
PayDayPlanRent. Brings in 13 months rent on most of our homes.
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