Tenant Damage vs. Wear and Tear or “The case of the Broken Window”
I just had an incident where one of my renters caused damage to another building I own. I own 20 condominiums in a complex, it is high density housing. Formerly a Class D neighborhood, which I was able to turn around.
Now that the neighborhood is safe to be outside in, the parents want to keep it that way. They can bring their small children to the park, and not have to worry about fights or drug deals going on. It is not to say that kids always behave, but if you keep on top of things, they do not get out of hand.
Continue reading “Tenant Damage vs. Wear and Tear => Case Study”
Declining tenants is a necessary part of being a landlord.
A tenant recently inquired for one of my rentals. I always do on-line advertising so most of the inquiries are via email. If they call directly, I get their email address texted to me, so I can email them my standard response. As I have posted before, I typically send out a canned response so that prospects can understand what I am looking for in a tenant, and they can also get a better understanding of the layout of the apartment(s).
A link to a video tour is also included, which I have received a lot of unsolicited compliments on. I just walk around the apartment narrating the video. Nothing fancy, no high tech camera. But it works.
Here is how one applicant inquiry went, from a tenant I declined.
Continue reading “Declining Tenants that Are Persistent”
No matter how good of a landlord you are, or how great your system is, you will sometimes have issues with a problem tenant. It is up to you to mitigate the issues and make for the best. You must have the ability to recognize the problem, have a solid way to handle it, and have a back up plan it that first plan fails. And you have to be ready, able and willing to execute the plan.
I came across a potential problem on my recent tenant. Here is the scenario.
Continue reading “The Tale of a Problem Tenant?”
I was recently featured in a national publication, Money Magazine online. It was a great honor to have an article I wrote featured on the site. Since I write for BiggerPockets, one of my posts was picked up and published on Money.
I have noticed that since I now have national recognition, the paparazzi are continuing to follow me. They seem to disguise themselves as regular people, and act like I am just another person. I am sure they have a secret way of following me all around, as I never notice the same person following when I walk just a little bit away. It must be a secret code they use, similar to a baseball catcher, to switch followers. Now I know how a celebrity feels…
Keep pets, friends, and bad credit from ruining your shot at a nice rental
If 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. 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.
Read the rest of the article here
Over 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.
Do you have any interesting landlording stories? Or even a good renter story?
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…
Continue reading “Why I asked My Section 8 Tenant to Leave”
In March of 2012, I was advertising for a vacancy that I had coming up. I had recently removed tenants that were from a different renter horror story. I wanted to find great tenants, as I already had the previous two sets of tenant in this unit go bad. Little did I know what the next horror story I was about to have… Continue reading “Renter Horror Story – Bernard the Strangler “
All landlords have a renter horror story, I am no different. As a landlord, I meet many interesting people. As a Section 8 landlord in my early days, the people were MUCH more interesting. Now I meet people who have jobs, might have a kid or two (with the same last name), and strive for success in a more standard method. Most have never been arrested, let alone actually ever been in jail. Quite a boring life… Continue reading “Renter Horror Story – Mike The Murderer”
I became a landlord sort of accidentally, like many people. In my case, it was a bit more sudden. My father, who lived in a duplex, has a stroke several years ago. He had a large mortgage and was incapacitated. It was an opportunity to attempt to purchase an investment property.
Continue reading “My Fourth and Fifth Investment property (and first semi-horror story)”