Hope for your financial life and beyond

Home Maintenance Items Landlords Should Do Between Tenants

As a landlord, I would love to keep tenants in my properties forever. While some stay a long time, most eventually leave – either by personal choice or through an eviction – to seek housing elsewhere. Whenever that time comes it’s the landlord’s responsibility conduct some home maintenance and get the unit ready for the new tenant.

home maintenanceTurning a rental house around for the new tenants can be a time consuming and financially draining time. Hopefully, as a conscientious landlord, you’ve kept track of what is going on at the property and have a good idea of what to expect in terms of potential home maintenance. There really shouldn’t be any surprises, but it seems like there always are.

Because even minor renovations will cost money and require time to complete, some landlords choose to skimp on or refuse to complete repairs. I disagree with this philosophy. As much as possible, I want the property to be in pristine condition for the new tenants so that our relationship begins on the right foot. They need to know that I’m a landlord who prides myself in the condition of the unit and wants to treat them well. Hopefully this pride will bleed into the tenant’s minds and they will in turn do their best to keep the property as clean and damage free as can be expected.

Home Maintenance to Conduct Between Tenants

Some repairs and home maintenance will obviously be required before the new tenant moves in. While all facets of the house need inspection, these five areas are a must for any landlord to address:

[Read more…]

Simple and Fun Ways Landlords Can Treat Their Tenants Well

Dog staring at a sign that says Dogs WelcomeThe primary objective for owning rental real estate is to make money. Landlords can facilitate meeting this objective by running their property like a business and treating their tenants well. A happy tenant is one more likely to stick around for the long term.

There are many money related issues with being a landlord. The most expensive and time consuming period, other than the initial purchase and renovation, is the turnaround phase after a tenant leaves. Repairs, cleaning, advertising, interviews, and background checks all need to be accomplished before a new tenant can move in. The fewer number of times a landlord devotes to those tasks the better.

With that in mind, here are some things I’m doing to help my tenants enjoy their stay.

Response Times

[Read more…]

How Landlords Can Screen Out Potentially Bad Renters

bad rentersOwning and renting property is one of the best investment strategies for building long-term wealth. Besides the money needed to purchase the property, what holds most people back is the fear of dealing with bad renters. It’s not a misguided consideration either. Take it from someone who knows – bad renters can be awful.

With that being said, in my five years of owning rental property, I’ve only had one bad renter who forced me to take legal action and pursue an eviction. I attribute that success to the process whereby I select tenants for my properties. I live by the adage that the best place to catch potentially bad renters is before they sign on the dotted line.

How to Screen Out Bad Renters

What can a landlord do to screen out a potentially bad renters? Here are six things I’m doing that may seem obvious but are often not followed.

1. Handle your emotions on a vacant property

[Read more…]