LANDLORD OF THE MONTH
Landlord Since 2002
Property Type: Houses
I bought 3 small houses in South West Florida even though I couldn't afford to do it on my income. After studying Robert Allen's Nothing Down course and gaining even more confidence from the LPA website, I took the plunge.
Philosophy of the Working Landlord
Even then I realized that buying houses isn't that hard to do. Keeping them is the hard part. So, I'm thankful to most of you who helped me on the forum even if you don't know it. If you are a landlord, I strongly suggest joining LPA if you didn't already and start downloading all the forms. In my opinion the forms and using them right are the key to success as a landlord. Also, keep quality rentals so you can get good tenants. Also, don't slack. Be right on the tenants when they get out of line.
How I Do It
I am still working full time for the same employer since 1995. I check my voicemail regularly for calls from tenants. I pray not to get any calls and usually do not. My friend Bob is a handyman who I am glad to pay his regular rate to handle the repairs when they are needed. He is also a great painter!
I was lucky to join The LPA straightaway. So, with the LPA Lease, I have not had any real problems with the tenants. I had an attorney review and try to tweak the lease. The only thing he changed was the cleaning charge. He said it was the best residential lease on the market and that he has a few other clients that swear by it. Sorry if I sound like a commercial for LPA, but its the truth.
Tips on the Landlord / Tenant Relationship
Treat people well. Be generous. Don't let the tenants slip on their agreement.
Managing The Rentals...
I use direct payment now and haven't had any problems. Bob handles my maintenance.
Legal Tips and Words of Wisdom:
Be familiar with your state landlord laws. If you don't have an attorney, find one you can work well with. I was lucky that my neighbor is also a landlord who uses an attorney for evictions all the time. I asked him to introduce me and now I'm ready just in case things go sour with a tenant.
The LPA would like to thank Dave for 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.