3 Key Tips For Screening Tenants Everyone has their own method and criteria for screening tenants. Many folks use a formula that is a percentage of gross income to determine if they make enough money to qualify for the property. There will also be other factors such as length of employment and previous landlord recommendations. But the sad fact is that after all that due diligence, you may very well still end up with a tenant that doesn’t pay the rent and doesn’t take care of your … [Read more...]
Four Pieces of BAD Advice on Managing Rental Property You Should Forget
August 30, 2012 By Leave a Comment
Four Pieces of BAD Advice on Managing Rental Property You Should Forget Every once in a while I come across a blog post or an article or even a video that I think misses the mark so badly that I want to reach through the computer at the person who put it out and ask them “what are you thinking”? Not your usual disagreement or not understanding someone’s point of view, but actually wanting to ask why in the world they give the advice they are giving. I never do mind you. I think … [Read more...]
12 Tips for Being a Good Landlord and Having Happy Tenants
August 13, 2012 By Leave a Comment
12 Tips for Being a Good Landlord and Having Happy Tenants Every landlord would like to lower the turnover in their properties. It’s costly to attract and retain good tenants, not to mention the costs you incur when they move out and you have to turn a vacant rental. It just makes good business sense to strive to have happy, long term tenants in your properties. However, that doesn’t mean that you shouldn’t have good systems in place and treat this like a business. Here are some … [Read more...]
The Disadvantages of Section 8 Rentals
August 10, 2012 By Leave a Comment
The Disadvantages of Section 8 Rentals It felt like I was walking into a cave. A dark, messy, smelly cave. I looked around at the walls of my Section 8 rental and saw black, only black. The tenants had decided to add some “color” to the décor. But seriously, who paints walls black? And poop? Who leaves dog poop all over the floor? And trash? How can a family of four leave two, not one, but two dumpsters worth of trash? I started calculating the cost of priming and repainting, carpet … [Read more...]
A Must Use Form for Every Landlord: Release to the Rights of Possession
August 6, 2012 By 1 Comment
A Must Use Form for Every Landlord: Release to the Rights of Possession The “Release to the Rights of Possession” form is one of the most important forms that a landlord can use. It is a must use for every landlord. It helps protect you from future claims from former tenants. Let me explain.When you sign a lease with a tenant, you legally give them what is termed “possession” of that rental unit. The tenant then occupies and possesses the rental unit for the term of the … [Read more...]
Real Estate in Japan – “The Tenant is King”
July 7, 2012 By Leave a Comment
Real Estate in Japan – “The Tenant is King”We’ve covered the basics – Japan’s got beautiful cash-flow, zilch to negative capital gain (may change, may not), and the icing on the cake – the best and safest business and residential environment one could possibly hope for as a foreign investor or business person.So, the question begs to be asked –why isn’t everybody and their dog shopping there???Well, the big boys, (GS, DBG, Fortress, TPG, etc) already are, as mentioned. As for … [Read more...]
Four Landlording Mistakes You Should Avoid…
May 27, 2012 By Leave a Comment
Four Landlording Mistakes You Should Avoid…They say the definition of insanity is doing the same function repeatedly hoping for different results. If this is the case, you can call almost every landlord insane!As a landlord, I too tend to commit the same mistakes over and over, despite fully knowing the error I am making. I compiled this list as a lesson to myself, and if it can help others along the way avoid these – then my mistakes have not been in vain! Without further ado:Five … [Read more...]
Be Careful When Inheriting a Tenant
May 9, 2012 By Leave a Comment
Be Careful When Inheriting a TenantWith the extraordinary number of short sales and foreclosures over the last few years, many distressed properties are actually being purchased with the previous tenant still residing in the property. For many investors, the thought of avoiding up front rehab costs as well as the time and expense associated with finding a tenant adds to the appeal of this scenario. Admittedly, I too have been drawn to certain properties because of the prospect of inheriting a … [Read more...]
Tenant Screening Failure: How to Avoid a Similar Fate
April 26, 2012 By Leave a Comment
Tenant Screening Failure: How to Avoid a Similar FateAs landlords we know that one of the most critical jobs we have is screening and selecting tenants. We know that if we get this part correct that our relationship with our selected tenants will be a profitable one.So, imagine that you have done your tenant screening job well. You collected references (landlords and employers) and checked them out. You inspected their current residence. You performed background checks. Everything … [Read more...]
Reduce Your Mobile Home Vacancy Rate
April 19, 2012 By Leave a Comment
Reduce Your Mobile Home Vacancy RateHaving a vacancy in your investment mobile home is an inevitable part of the mobile home investing business if you will be renting or selling (via payments) a mobile home inside a park or attached to private land. Although this vacancy process can be thought of as an unpleasant experience, with just a few attitude and business adjustments you can continue business as usual the next time you have a mobile home vacancy.In the start of my career I experienced an … [Read more...]
Managing My Own Rental Property?
March 26, 2012 By Leave a Comment
Managing My Own Rental Property?There are many good reasons to manage your own rental properties. First, there is the common saying that “nobody cares about your property as much as you do.” That’s true and nobody will likely try harder to find and keep good tenants than you will. Another reason to manage your properties is because it will save you a good amount of money. Most rental companies will charge you 10% of the monthly rent. Therefore, if you’re renting a place for $1,500 a … [Read more...]
Property Management Is There A Quick Fix?
February 25, 2012 By Leave a Comment
Property Management Is There A Quick Fix?Will the single family investment dream crumble before the realities of managing rental properties? Last year only about a third, 35 percent, of single family rentals made a profit on their rental income. The 3.8 million that lost money or broke even saw their owners’ dreams of a steady, annual rental income evaporate into the ether.Lack of profits isn’t due to lack of effort. Nearly eight out of ten individual investors manage their own … [Read more...]
Getting Rid of Problem Tenants with Cash for Keys
February 13, 2012 By Leave a Comment
Getting Rid of Problem Tenants with Cash for KeysBuilding a profitable buy and hold rental property business can be tough. A lot of folks fail to treat this as a business and end up getting into trouble. Having systems and following those systems is so important if you are to be successful and keep your sanity.It’s pretty easy fly by the seat of your pants when you only have a few properties. Later on when you have added more rentals, it gets much harder.In the beginning when I bought my first … [Read more...]
So You Want to be a Landlord?
February 7, 2012 By Leave a Comment
So You Want to be a Landlord?Several days ago I read a great post by Michigan landlord, Dennis Fassett, in the Biggerpockets blog section (article). It would have been hysterical if only it wasn’t so true. He discussed what he called The Boyfriend Disorder. He wrote about what happens when a prospective tenant shows up to view a property and has her boyfriend tagging along. In between the laughs, I cringed.Having spent two decades as a real estate investor, half of that time as a landlord of … [Read more...]
Being a Great Landlord
January 11, 2012 By Leave a Comment
When I started buying real estate in the early 2000’s, I knew absolutely nothing about being agreat landlord. I had no idea about local laws or local codes and even less about actually being a good and responsible landlord. What I had done, and this is where the danger started, was read half of a book I picked up at the local library on how to be a property manager. I had attended several local REIA meetings and even hooked up with one local real estate investor that talked a great … [Read more...]
Being a Great Landlord
January 11, 2012 By Leave a Comment
When I started buying real estate in the early 2000’s, I knew absolutely nothing about being a great landlord. I had no idea about local laws or local codes and even less about actually being a good and responsible landlord. What I had done, and this is where the danger started, was read half of a book I picked up at the local library on how to be a property manager. I had attended several local REIA meetings and even hooked up with one local real estate investor that talked a great … [Read more...]
To Be A Landlord . . . Do It Right From Day 1!
December 28, 2011 By Leave a Comment
To Be A Landlord . . . Do It Right From Day 1!I had an amusing conversation in September with a fantastic couple from Mississippi. They have been investing in real estate for the past 15 years and have amassed a portfolio of over 40 properties that provide a nice income for their retirement. They had come to me for advice on managing their properties and the conversation that followed, while being serious, had all of us laughing at how backwards we can sometimes get when managing our own … [Read more...]
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