Financial Independence with Rental Real Estate. I often get asked by my co-workers at my ‘regular’ job, the ones who know I am a landlord, why I keep going in. Why not just retire now? Why do I put up with the mega-corp meetings, frustrations and red tape just to bring in a few dollars.
I put in a lot of hours, and a lot of investment capital to get this far, what does it takes to be financially independent?
Continue reading “Financial Independence With Rental Real Estate”
Remember, landlording is a game of probabilities and statistics. By targeting your market, you can maximize profits, that is simple Marketing 101. If you want to maximize your income, targeting your market is key.
There are good tenants in every category, but you are looking for the highest probability of success, not the needle in a haystack. Success is defined a tenant that pays rent, leaves the unit in good order, and you make money. Continue reading “Targeting Your Market to Maximize Income”
When you have a rental property you are managing yourself, and even more importantly if you are doing the maintenance on them, you need to be efficient. You need to make some rental property improvements that make a difference! Continue reading “Rental Property Improvements that make a Difference”
This post will tell you how to use credit checks for screening renters.
Why do we care about Credit Records and Credit Score? A credit is score is an indicator of the probability of a default, nothing more. It will show if the person has been responsible with their finances. If a person is responsible with their finances, odds are, they are also responsible with the rest of their lives. A credit score of 700 or better, indicates a solid person. A credit score below 600, indicates a person with some issues, maybe permanent, maybe temporary. Continue reading “How to Use Credit Checks For Screening Renters”
When I purchased my first 4-plex, it was in a first ring suburb, in a nice area of town. It was built in 1985. You could throw a rock outside the complex, and hit $300K homes on all sides. By anyone’s definition, this should be a great place. Unfortunately, the apartment classification was less than to be desired. Continue reading “How I turned a Class ‘D’ Apartment Classification complex into a Class ‘B’ complex.”
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”
It’s no secret that the Federal Reserve is making money. Most of our products sold in the US, except rents, are imported. Inflation will likely start to take effect. What happens to your tenants, and your profitability, is in your control. Continue reading “Inflation and Its Impact on Rents and Tenants”
Most residential leases have a clause in them that say the tenant is responsible for all “Attorney Fees”. This was very common until the Minnesota Tenant’s Bill of Rights passed last year, in 2010. Continue reading “Attorneys Clause in Leases”