6 Insane Landlording Stories That Prove the Importance of Tenant Screening

earth-237955_1280-PDOver the years, I have made many mistakes on tenant selection and have had the privilege of accumulating landlording stories. There is always value to a landlord education, even if provided by a tenant, and in the real estate game, the education can be very pricy. Almost all landlords have made similar mistakes, and it costs them dearly. Only the well capitalized or lucky landlords live to try it again.

One of my first rental investments was a couple of duplexes. I had one all cleaned up and ready to rent. Since I knew Section 8 was a guaranteed way to get rent, I figured “How can a landlord go wrong with that?” After all, most people are decent people and want to respect the property and the landlord. I quickly learned the hard way that tenants are not always that way.

Read More Here.  I have listed the landlording stories and lessons to be remembered.

6 Landlording Stories That Prove the Importance of Tenant Screening

 

Do you have any interesting landlording stories?  Or even a good renter story?

How to Get the Best Tenants into Your Rental Property

When you have a vacant rental, you will inevitable have to advertise and fill it. Unless you are extremely lucky, you will not rent to the first person who inquires on your rental — or at least the first person will not likely be qualified to live in it.  You want to get the best tenants you can possibly attract to your rental.

Like it or not, you will be at some point showing your property to tenants that do not want to rent from you, or you do not want to rent to.

At some point, you will need to decline a rental applicant. This is one of the main problems landlords have: being unable to decline a tenant.

See the rest of the story here

 

November – December 2014 Rental Cash Flow

packs-163497_1280-PDThe rental cash flow for the month was as expected and according to plan.  All rents for December 2014 were in hand by Friday, 12/5/14.  That is 24 for 24.  All units were full, with the exception of my one vacancy that I have been working on for a few months.

I generally have ~10 to 15% of the rents in prior to the first, 50% in by the first, 75 to 90% of the rents in by the seconds of the month, and 100% by the fifth of the month.

Continue reading “November – December 2014 Rental Cash Flow”