Landlording for maximum profitability and Financial Independence
This post is compliments of Amy aka “Yetisaurus”. If you have thought about being a landlord, you have thought about the possibility of getting rid of a bad tenant. The first two rules of being a landlord are (1) collect all of your rents, ON TIME, and (2) keep your rentals full. But that’s not the end …
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If you have been following along, you know that my rent collections are outstanding; this month I had trouble. My renter bounced a check. I have not had a truly late payment in several years, other than the one tenants that I inherited when I purchased the building. I have had a few payments after …
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The past few months have been pretty busy. The rental cash flow has been as expected. I have had several turnovers, and some other maintenance issues to take care off. Luckily, all is well and the rentals have moved forward for another month. Hopefully you have had a chance to look at some of my …
Continue reading “June – July 2015 Rental Cash Flow”
Back in January 2015, I created some financial goals as a countdown to retirement. The goals were pretty aggressive; it’s time to see if I have lived up to my plan. It is one thing to create a plan, and another to follow through with the plan. On January 1, I had 551 days until …
Continue reading “Countdown To Retirement – Financial Check Up 06/2015”
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 …
Continue reading “Tenant Damage vs. Wear and Tear => Case Study”
It has been a bit busy here. There has been a lot of landlord work on the rental front that has been taking a bit of time. I updated the landlord maintenance log, and added times to the chart. All My Rentals are Full (for now…) I was able to take in a pretty decent renter …
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Are 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 …
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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. …
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If you are a long distance landlord, minor maintenance issues can become an expensive repair. It is near impossible maximize your revenue if you are paying for every thing the tenants complain about. And to make things worse, lower quality tenants complain more. When they are going to be late on their rent, complaints become …
Continue reading “Disadvantages of Being a Long Distance Landlord”
If you have been a landlord for a while, or have managed many units, sooner or later you will be faced with the question of what to do when your tenant dies. I recently had a tenant death, and it can throw a perfectly good rental unit into some flux.
