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September – October 2014 Rental Cash Flow

packs-163497_1280-PDIt’s time for another report on the rental property cash flow.  The month of September was extremely busy.  I had a brief trip to Florida, where I looked at several areas to potentially invest in.  While no properties actually excited me that much, it was a great trip.  I did realize another thing.  While Florida might be a great place to spend during the Minnesota winters, it is a bit humid during the summers.  Even in the morning.

So here is how the cash flow evolved for the moth.

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Common Tenant Issues and How to Handle Them

Section 8 renterAs a landlord, you want the best tenants for your properties: people who pay rent on time every month, won’t give your property a bad reputation in the surrounding community, and are clean and courteous neighbors. Being a good landlord means listening to your tenants’ complaints and concerns and responding to common tenant issues appropriately. At times, knowing the right way to respond to an issue can be tough. Read on for advice for some of the most common issues landlords face with tenants.

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Protect Yourself As a Landlord With These 6 Crucial Documents

police-man-306848_1280-PDProtect Yourself As a Landlord.  As with most jobs, a landlord’s job is not complete until the paperwork is done. A landlord needs to protect himself with all sorts of documents. The days of renting a home on just a handshake are long gone. Instead, in today’s tenant-friendly states, you need proof of everything. That being said, great tenants do not need any documentation, nor do great landlords. Both sides know what is expected, and both sides perform as you would expect them to – with or without paperwork. The documentation is to protect us (and them) from the unruly behaviors that the ‘other’ guys might have.

Read The Rest of the Story Here

 

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4 Steps Toward Good Landlord-Tenant Relationships

By Jennifer Riner of Zillow

building-438015_1280-PDNew landlord-tenant relationships can initially be awkward. As with any business relationship, it’s important to be aware of professional boundaries, yet act friendly and polite in day-to-day conversation.

To best connect with new tenants, consider the following four relationship-building tips.

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Why I asked My Section 8 Tenant to Leave

Section 8 renterI 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…

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How to Handle After Hours Tenant Calls

Maxitrol Gas Pressure RegulatorOne of the most hated items of being a landlord are the after hours tenant calls, or calls in the middle of the night.  Keep in mind, it is also one of the tenant’s most dreaded items too, calling their landlord after hours.  They do not like to be up with building issues any more than you do.  Here is a recent example of a call that might be a disaster to some landlords, or routine for others.

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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.

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Should you allow a renter to paint?

sherwin williamsThe topic of this post is should you allow a renter to paint?  With 24 units, I come in contact with many renters.  They all have their ideas of what a great place to rent looks like.  They might want their boy’s room to be blue, and their girl’s room to be pink.  I get asked all the time, “What do you feel about painting the bedrooms?”

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How to Find a Mentor for Financial Advice (or Not)

male-213729_1280-PDI have always been enamored by people that are successful.  I have been to seminars, meet successful people, and sought out ways to ask questions directly to people that from my vantage were successful.  Finding a mentor is key to success at any endeavor in life.  Of course, as I found out, you need the correct mentor-ship to follow.  With the wrong mentor, things can be a disaster… Continue reading “How to Find a Mentor for Financial Advice (or Not)”