LANDLORD OF THE MONTH
Landlord Since 1987
State: New York
Property Type: Residential Homes
I began buying houses because I just thought real estate was a good investment.
My first home was to live in with my wife. It was set up perfectly as a 2 family, so I built a nice apt to rent out. That was my first experience as a landlord. My next purchase was a creative deal. I bought the home with Nothing Down without even realizing that this would be a great formula for buying many properties to come.
Philosophy of the Working Landlord
I believe that strict management is the key to getting rent paid on time. Also having the best quality homes for rent will give me the highest quality tenants.
How I Do It
I do everything. All the office paperwork from paying bills to buying building materials. From digging out basements and pouring concrete floors to fine carpentry work. I took a course on electrical work, so I'm well versed on that. I've done everything there is to do on a home countless times from small to huge jobs.
The lease is one of the most important documents a landlord will ever have to protect himself! My lease is probably the most detailed lease most tenants have ever seen. If they have a problem with it , I don't want them.
I stress every paragraph of my lease to the tenants at the lease signing. I won't allow a broker to explain my lease because I haven't yet found a broker who understands that protecting the landlord is more important than collecting the rental commission.
I highly recommend the LPA Lease because it is the only lease other than my own I've seen yet that truly understands how to protect a residential landlord. Most leases are very generic, designed to make both parties happy. I've paid more than 10 times higher for copies of other leases that don't even come close to the real everyday stuff your LPA lease has. Experience has taught me that nobody will protect me against a bad tenant except me and my lease.
I enforce the lease. Tenants will test me. I will not let them slide on even the smallest of violations.
Tips on the Landlord / Tenant Relationship
Don't become friends with tenants.
Get back to tenants as quickly as possible. Nip small problems in the bud before they become big problems.
Don't give out your home address or phone number unless you welcome calls and visits and confrontations at your home. I need my home as a sanctuary.
Managing The Rentals...
I work with another landlord who helps me manage my properties and I help him manage his. That way the tenants are not only dealing with me.
Legal Tips and Words of Wisdom:
I charge heavy late fees and I am quick with evictions.
Thank you for picking me as your Landlord of the Month. Your site really hits home and deals with the nitty gritty of what my landlording life is about.
The LPA would like to thank Lou for all his valuable input and sharing of knowledge with us. Landlords everywhere have the opportunity to benefit from the lessons and knowledge brought to us by our Landlords of the Month.