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.
Please read it and make a comment over there (and here).
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? Maybe someone hoping to cash in on real estate appreciation? Wondering about single family or multifamily housing? If so, you must be wondering where is the housing market headed?
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.
Please click the link, read the article, and then comment. The more comments I get, the higher on the list my article goes. Maybe I will even be in the monthly recap if I get enough comments.
Thank you in advance!
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.
Back to the second tenant that called from my earlier post about after hours landlord calls… This issue was an unrelated issue to the gas pressure regulator.
On the same night as I had the pressure regulator issue, I had a call from another tenant. The tenant was in the same building, his door deadbolt was malfunctioning. The door could not lock, it was getting late. It was time for “Super Landlord” to the rescue! If you are a bit squeamish about handling after hours landlord calls, read on. They are usually not that bad.
I have to disclose, I am a multifamily housing landlord.
I have a biased opinion when it comes to whether a multifamily landlord is better than a single family landlord. If you can use the analogy of college classes, multifamily housing landlord is like the person who took math and science classes. Miss an hour of class, and you may as well drop the entire course.
A single family housing landlord is like the person who took history and music classes (no offense history and music majors…). Miss half the semester, drink a bunch of coffee and you can get caught up. I also have an undergraduate degree in computer science and math…
I am a strong advocate of buying investment property close enough you can walk to. The advantages are enormous. You can keep closer tabs on your tenants, handle simple maintenance calls, and be able to keep an additional 10% to 20% of your rents in your own pocket.
Here is one repair that was relatively easy, and saved quite a bit of money over hiring a repair shop or buying a new dishwasher. If you want to know how to repair a dishwasher leak, please read more.