As an owner/manager of 25 units, I am always on the hunt for quality tenants. In 2014 alone, I have found and approved ten tenants for my units already. There is no reason to struggle to find great tenants.
All with minimal or no vacancy. It is about ten more than I like, but sometimes people have to move. It is well above my average of about six. Four were tenants I approved without ever seeing them. My former tenants have gone on to buy homes, get job transfers, move into larger places, go to graduate or med school, move closer to their new job across town, and other legitimate reasons.
Only two of my tenants that left were what I considered weak links, and I was glad to see them go. When a tenant moves a few blocks away, to a similar place, it was likely a mistake on your part that caused it. I am not counting my long-term Section 8 tenant that I just got rid of, as that is a story in and of itself…
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I asked my Section 8 tenant to leave recently. In reality, I did not ask her, I demanded she leave by 7/31/2014. This was a tenant that has been with me since 2007, over seven years. Well before I started getting into my 4-plexes and adding a significant amount of rental property to my portfolio. The reasons were many…
I screen hundreds of renters every year for an apartment complex.
I see lots of background checks. I am going to show you how to approve tenants without ever meeting them. I have approved hundreds of renters without ever seeing them. Are you still stuck on seeing and meeting renters? Give it up, it is not necessary. I cleaned up a 120 unit apartment complex by creating criteria that keeps most bad tenants out, without ever even seeing a tenant.
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A few other articles that I have written for BiggerPockets, that you might want to read are here
My tenant called me on Saturday to let me know that her air conditioner does not work. It was humid, the temperature was in the 80′s, and she had a new baby less than a couple of weeks old. As a landlord, you have the choice of being a phone call taker, or not. You have the choice of doing the repair or not. As always, it helps to know a few things, about a few things, so you can make the proper decisions…
I recently wrote a post over at Bigger Pockets about how to get higher rents. Many landlords think they are getting a great deal when they have a tenant that wants to move in right away. If you have a risky tenant, you need to get a higher rent.
This is a great post about why you get a lesser tenant when you raise the price of rent.
Economic theory states that as prices go up, demand decreases.
If you are like most landlords or property managers, you are always looking for the highest rents, after all, no one I know shoots for the lowest rents.
But there comes an amount where the rent exceeds the value of the property. Once that happens, you would think that you would not be able to find a renter. This is not the case.
Economic theory states that as prices go up, demand decreases. This is true. If you do not believe it, cut your rent prices in half and see what happens. You will have people lined up around the block to take your rental.
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I paid off my mortgage. I am not talking about my personal residence; I am talking about one of my rentals. Why would anyone want to pay off a mortgage on a rental? After all, the interest rate is tax deductible, and everyone knows mortgage debt on a rental is ‘good debt’. Maximize it for all you can, leverage, leverage, leverage to the moon!
Here is why you should pay off your mortgages, even if it is on a rental.
I get asked all the time how to fund real estate investments. There are many ways to fund real estate investments. Most real estate investments are funded the old fashioned way, a mortgage. But there are a lot of other ways too…
Are you a potential real estate investor? Are you concerned about where is the housing market headed? Are you maybe someone hoping to cash in on real estate appreciation? Wondering about single family or multifamily housing? If so, you must be wondering where to invest for the future.
I wrote a post on BiggerPockets about where I think you should be investing in real estate. It all has to do with demographics, and where the demographics seem to be pointing us. Whether is is housing prices, crime, demand for autos, school populations, etc. much can be explained by demographic trends.
As a long-term Real Estate investor, I am always trying to determine where the money is to be made in Real Estate. I personally like passive income generated through being a landlord. It’s not as passive as some would like, but it is passive in terms of the IRS.
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The month of July was great, all rents were received and the rental cash flow was 100%. 25 for 25, and no vacancies. Only one was late, and that one was expected. No late fee was charged to this one tenant, but all other tenants get hit with it even if they are one day late. No major expenses were found. I did have a bit of excitement with a murder near one of my rentals…
I am going to pay off one of my mortgages on my rentals this week in additional preparation for Financial Independence and Early Retirement (FIRE). It is non-owner occupied, so a refinance would only drop the interest a little bit, and cost a few thousand to do it. Here is how I plan to do it, and I think it’s one of the best ways to pay off a mortgage.