LANDLORD OF THE MONTH
Landlord Since 1987
Property Type: Residential Homes and Condos
My divorce left me penniless. I worked in a local retail store full time to raise the rent. I wasn't qualified for any higher paying jobs, but was always interested in real estate. I had always been a tenant all my life hoping to someday break free of the chains and own my own home.
I found my first investmnent through a customer from the store that I worked at. One day a woman asked me if I was interested in buying her home. I said that I didn't have any money. She said that didn't matter. I wound up purchasing the property without any money while the seller held back the entire mortgage!
Philosophy of the Working Landlord
My philosophy is to have a nice home for people. I know I want something clean to live in, so other people feel the same way.
How I Do It
I do everything all by myself unless it is a job too much for me, such as major plumbing, roofing, a/c, etc.
I'm glad I discovered LPAs lease. My attorney helped me fix up my old Office Depot Lease with a few clauses after an eviction we did, but he (and I) like the LPA Lease better. So thats all I will use from now on. The only thing I changed is I made the Late Clause pragraph 2 font sizes bigger so it really stands out.
I recently learned how important it is to read the lease in person. Thanks to an article on this site.
I don't allow the lease to leave my posession unless al money is paid up front.
I don't allow tenants to take the lease to their attorney. This is because the lease will be re-written to the attorneys approval and not mine. I tell them if they want their attorney to see the lease, the attorney is welcome to come to the lease signing with them. I will only read it to them once.
Tips on the Landlord / Tenant Relationship
I try to be professional, but courteous.
Managing The Rentals...
My properties are in good condition, so I try very hard to get tenant who will keep their homes clean and nice.
Legal Tips and Words of Wisdom:
If you never did an eviction before, don't hesitate to use an attorney who does evictions. Doing it yourself can cost you much more in the long run. I know.
The LPA would like to thank Diane for all her 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.