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How to Be a Landlord’s Ideal Tenant — and Get into Any Rental You Choose

wonder-woman-533663_1280-PDIf you are a renter, you have many obstacles ahead of you. Landlords are full of horror stories, and you are just another potential horror story. Based on statistical evidence, you are not an ideal tenant.  You want and need to be the best renter the new landlord has ever seen.

No landlord really wants you, but they need you. They need you to help them pay their rental mortgage; they need you to help them pay their personal mortgage, they need you to help them retire early. But they do not need you to come around and damage the premise or cause them a lot of extra work. Here is how to be the best renter you can possibly be.

My rentals are multifamily, but much of this advice translates to all rentals. Much of it I have seen firsthand.

How to Be a Landlord’s Ideal Tenant — and Get into Any Rental You Choose

Prepare for the Apartment Viewing Process

When you set up a showing for a rental property, it is really an interview. You are interviewing the landlord or property management company, and they are interviewing you. Make a critical mistake in this process, and you will have to move on to the next property. You do not have to be dressed for church, but do not come looking like you are homeless.

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Have you ever been turned down for a rental?  If so, what was the landlord’s reason?  If you are a landlord, what do you find to be the most detrimental things a tenant does to get rejected.

 

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How to Get the Best Tenants into Your Rental Property

for-rent-148891_1280-PDWhen you have a vacant rental, you will inevitable have to advertise and fill it. And, you want the best tenants you can find.  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.

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.

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2015 NoNonsenseLandlord Financial Goals

profit-599504_1280-PDIt’s time to start the 2015 New Year’s financial goals.  When you own rental property, and have a full time job, it can be difficult to coordinate any time off.  When you do have time off, if you want to maximize your hours to dollars ratio, you take a class to improve your skills, get an additional license certification, or do a side hustle gig.  Or, you can even do a remodel on a rental property while on a ‘vacation’ from your ‘real’ job.

While everyone needs a time to reflect on their goals, and enjoy some down time, the down time will generally cost you money, not save it.  I spend the majority of my down time from my regular job maintaining rentals or taking classes.  It gives me a sense of accomplishment, and allows me to buy some great tools. 😉

For now, it is time to plan on the 2015 financial goals.

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5 Reasons You NEED to Be Properly Capitalized for Real Estate Investing Success

savings-box-161876_1280-PDThere are many aspects to investing real estate. Some require no money down, but most require a significant amount of money to get into. And after you get into them, some require even more money. Failure to be properly capitalized or being under capitalized could cause you to not only lose your entire investment; it could cause you to lose your personal assets, too.

Never underestimate the amount of capital that it will take to be a successful real estate investor. I see many people embark on an RE investing career, and think they can spend their last dollar attempting to “strike it rich.” There are no quick paths to riches, and with a higher return comes more risk, every time.

5 Reasons You NEED to Be Properly Capitalized for Real Estate Investing Success

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Have you ever had an investment that costs more than you thought?  Or thought about an investment but decided against it because you did not think you have enough money?

 

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December – January 2015 Rental Cash Flow

packs-163497_1280-PDThe rents were almost all collected and deposited by 1/5/2015, so the rental cash flow was consistent with previous periods.  I do have one tenant that paid $400 for the first installment of the rent.  The same tenant seems to struggle, but since she has been there for a while, I let it ride.   Any new tenants I took in over the past few years, they must pay late fees.

So, as has been the case for a considerable time, all rents were collected in a timely manner.

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What is the Meaning of Financial Independence?

option-112225_1280-PDThere are many people that read this blog that are striving for financial independence.  Financial Independence is more of a state of mind, than a financial thing.  If you are in the USA, you may consider yourself financially independent as soon as you become an adult.  Others wait until they are not working, are retired and on Social Security.  Lots of people just want to be able to quit the rat race, and enjoy life.  Still others are longing to achieve one of the main things that many people cannot, freedom.  Continue reading “What is the Meaning of Financial Independence?”