Landlording for maximum profitability and Financial Independence
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)”
One way to reduce tenant lockouts is to have a deadbolt with a key, not a locking door knob. Change the actual door knob to a hall /closet knob. One without a lock. The security is provided by the deadbolt, you do not need two key-able locks. That way, you can only get locked out if you had the keys when you left.
Continue reading “Avoiding Lockouts and Keeping Track of Keys”
When you look around on Craig’s or other places, you often see higher rents than what you are charging. Your temptation is to raise the rent on your existing good tenants. Or you want to advertise at a higher price. What is the right price for your Rental Continue reading “Finding the Right Price for your Rental?”
So, a break from the advice for a post. A few words about practical landlording and the often busy day.
It was a busy day in the life of a landlord today.
I went to the apartment this morning before work to pick up the last rent check that was put in the rent box the night before. All 25 (of 25) rents in the bank by the morning of 3/4/14, which is pretty good. All except my Section 8 tenants portion of the rent, $125 which I will expand on later… Continue reading “A Day in the Life … Busy day”
I have received two rent checks already for March. I have not yet checked the rent collection boxes, but I suspect that a few will be in the boxes by tomorrow. I anticipate all 24 rents to be paid by 2/5, which is the late fee date. Most of the rents will be collected by Monday morning, and deposited in the bank. Solid tenants never bounce checks, and I have not had a bounced a check in years. So the monthly accounting goes something like this. Continue reading “Rent Checks Coming in Already!”
The difference in a renters credit score, and the one you get is this. Many background check companies, such as mcccgrp.com, use a true FICO score, developed by Fair Isaac Corporation (FICO). If you are gong to be a successful landlord, you need to understand the relationship between tenant performance and credit score. Continue reading “Why is my Renters Credit Score different?”
I am a landlord in Minnesota. I have 24 renters, located in Eagan and West St Paul. This is my introduction to landlording and journey…. Continue reading “My Introduction to Landlording, Trial By Fire”
