If you have a tenant that you want to get rid of, there are many ways to go about it. In Minnesota, here are the main ways and reasons to evict. Minnesota is the host cost eviction in the Nation, so make sure you are prepared. In 2013 the costs were as follows: $320 court costs, $100 to serve the summons, $55 for the writ. $125 to serve the writ. Plus vacancy, repairs, lost rent, and aggravation. Continue reading “Evictions and Terminating Tenancies (in Minnesota)”
My Fourth and Fifth Investment property (and first semi-horror story)
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.
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National Criminal Checks
National criminal checks are not worth the paper they are written on. National records are seriously behind; some states do not contribute their records to the registry. Continue reading “National Criminal Checks”
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The Landlord Trap, Do not get caught in it
This is a rental situation that is run across many more times than you think, the landlord trap. If you think it is your tenant scenario, it may be, but it happens so often it isn’t funny. Continue reading “The Landlord Trap, Do not get caught in it”
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Lowering the Rent vs. Lowering the Deposit to Attract Quality Tenants
Sometimes, we think we have to attract quality tenants in unconventional ways. Many people have no money. After showing your unit many times, you do not think anyone has any money. Some people have lower income levels. Some people lack the ability to save, and a landlord wants to “get them in”, so they lower the tenant’s entry hurdle or security deposit. This is a mistake that will almost always come back to haunt you. You have a hard time renting your unit, and you finally have a tenant willing to move in. The only issue is, they do not have enough money to move in. They probably do not have a high credit score either. Continue reading “Lowering the Rent vs. Lowering the Deposit to Attract Quality Tenants”
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Low Rents Attract Trash
Low rents. The fact of the matter is, the lower your rent is, the more affordable it is to sub-par renters, or trash. You will attract them in droves at a low price. But the flip side to that is you also attract more good renters. Good renters are always looking for a bargain; good renters that know their financial limits, good renters do not want to live paycheck to paycheck just paying rent. Good renters know what they want, and will not pay a penny more. Good renters may even want to negotiate a bit, just to make sure they are getting the best price. Continue reading “Low Rents Attract Trash”
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Why is my Renters Credit Score different?
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?”
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Rental Investment: Maximizing Your Returns
Are you settling for a Class ‘D’ tenant on your rental investment, and only getting Class ‘A’ tenant (or worse) returns? Do you wonder why your actual return on your rental investment is not what was projected? Are you looking at how to increase your profitability without selling and moving to a different building? Continue reading “Rental Investment: Maximizing Your Returns”
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Apartment Classifications and Expected Returns
Apartment Classifications. When you are an experienced property investor of multifamily properties, there is an apartment grade that you will be intimately familiar with. Banks are familiar with it, insurance companies are familiar with it, and all investors that invest money in a multifamily complex should be. Google the topic and find out more if you want, but here is a summary.
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Why do tenants that look at my property seem under qualified?
The fact is, about 30% of tenants are problematic. They move a lot more than average. They are evicted, they are requested to move, and their lease is not renewed. If 30% are problematic, and they move twice as often as a solid renter, that is 60% of the renters that you see seem like they do not qualify to live in your rental.
Continue reading “Why do tenants that look at my property seem under qualified?”
