Tenant Damage vs. Wear and Tear => Case Study

Broken WindowTenant 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”

Warning Signs for Incoming Tenants

red flagHere are some warning signs for incoming tenants offered as a guest post in regards to some tenant quirks that may make for a bad tenant.  It is a great list, most of which I agree with, although some are not as much of a red flag.  Some are a bit non-conventional, and others are spot on.  (I might fail a few myself, especially the ones about how the tenant  is dressed…)

Warning Signs

Not all tenants that exhibit these behaviors are going to be terrible, high-risk tenants.  Each one, in and of itself, is not necessarily bad.  If you have a list, and start checking each item as you interview the tenant, the more red check marks you have the worst the tenant is likely to be.

Of course, income and credit score are the best indicators.  This is also a great list for tenants to read.  It might help you appear more ‘normal’ to a landlord (whatever normal is…).  Things like intimidating the landlord, cursing excessively, and objecting to a background check are a pretty bad indicator.

It is a great read, and you can see how many you might fail yourself.

1.They try and get you to lower the rent before they even see the apartment.

This is a sure sign that this tenant can’t really afford the property. Asking before the showing means that the value of the property means little to them, they only care about the cost.

 Read More Here

What do you think of the ideas?  Do you have other things that people do that would make you hesitate to rent to?  

Do you have a list of landlord red flags?  If so, I could post that too!

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.

Continue reading “How to Get the Best Tenants into Your Rental Property”

Smoking in a Rental Property

no-smoking-145888_1280-PDAre you aware of the expenses associated with allowing a smoking in a rental property?  If not, you need to understand that a smoker will cost you at least 10% of your profits due to increased turnover costs and additional vacancy. That is an unscientific number, and I may venture to guess it may be much higher.

Smoking in a rental property will cost you plenty in term of lost profitability.

Continue reading “Smoking in a Rental Property”

Should You Rent or Buy a Home?

yes-238381_1280-PDThe question to rent or buy a home is always a great one. There are many calculators on the web that compute all sorts of things, including depreciation, appreciation, tax deductions, etc. But none of these calculators factor in the flexibility of renting and the financial advantages you can have if you rent.

If you rent and take advantage of its perks, you can be farther along the path of financial freedom by renting instead of buying.

Maximizing the rental situation you can save a lot of money.  You do not accumulate junk.  You move to where the money is.  You invest in the investment that makes sense at the time, not a home.

When you buy, you get tax write-offs, you get property appreciation, a stable environment, a piece of ground to call your own.

Each individuals situation is different, and one can always look to hind sight.  One thing for sure, is you need more money to buy that rent.  You are less mobile when you buy.  You need a steady income to buy.

Continue reading “Should You Rent or Buy a Home?”

Where is the Housing Market Headed?

colorful-48819_1280-PDAs 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.

If you are a short term investor, a ‘flipper’, you are somewhat insulated by the long term direction of Real Estate.  If you only hold for three or four months, your window of risk is short.

If you are a long term investor, which many homeowners are, the direction of RE could make or break you.  Many people are relying on their home to enhance their retirement life style.

Continue reading “Where is the Housing Market Headed?”

The 7 Dirty Truths about Landlording (Like it or Not!)

truth-257160_1280-PDIt’s not always fun and games when you are a landlord.  Life is not always fair, and even in a win/win situation someone loses more than the others.  In the landlord game, you need to win enough to be profitable.

Landlording is not always making large banking deposits and Caribbean vacations.  Sure, around the world trips often come with owning Real Estate, but you still need to earn it.  Here are some of the dirty truths about landlording.

Disclaimer: Show me a landlord that is not in the business to make money, and I will show you a manager for government housing.

Continue reading “The 7 Dirty Truths about Landlording (Like it or Not!)”

Landlords! Here Is How You Do Criminal Background Checks (The RIGHT Way)

three-stooges-516165_1280-PDMy first two posts on tenant screening dealt with the most important aspects of tenant screening, credit and income verification.

In my third post on tenant screening, I discussed, with quite a bit of controversy, the downfalls of past landlord checks. The fourth and final pillar in tenant screening is the Criminal Background Check.

Continue reading “Landlords! Here Is How You Do Criminal Background Checks (The RIGHT Way)”

Dave Lindahl’s Multifamily Millions Boot Camp Review

books_12I have always been a advocate of continuing education when it comes to investments, especially RE investments.  When I first saw the flyer for Dave Lindahl’s Multifamily Millions Boot Camp, it was very intriguing.  These type of seminars are not a typical college learning event.  They are always a lot of hype and energy. Continue reading “Dave Lindahl’s Multifamily Millions Boot Camp Review”