LANDLORD OF THE MONTH
Landlord Since 1978
Property Type: Residential Homes, Apts & Commercial (Storefronts)
I started in Uniondale, New York after I first got married. We couldn't afford the whole mortgage payment ourselves, so we rented out an apartment in our house. Then shortly after, we bought a second house in the same town and rented that. I dabbled in commercial property while in NY, but not really successfully until diong it in Florida.
Philosophy of the Working Landlord
I liked being able to use the properties as rentals to pay down the mortgages. Then I'd sell the properties for a nice profit and reinvest. I did this 4 times before moving to Florida.
How I Do It
I've always been able to do my own repairs, so that helped alot. Since I've been in Florida, I've found that I haven't had to worry too much about repairs and maintenance on my commercial properties. The residential properties are the most dependable investments, though. Even if businesses go out, people always need a nice home to live in.
I feel protected with a good management system that I developed over the years.
It is the bible between you and the tenant. Follow it and enforce it to the letter and you will be a successful landlord. (Just make sure you have a good lease first!)
Tips on the Landlord / Tenant Relationship
My tenants usually stay a long time, because we let them live their lives. We don't bother them unless we need to enforce the lease.
Managing The Rentals...
My wife does the office work and I do the repairs. My leases make the tenants responsible for many of their own repairs, especially on the commercial ones.
Legal Tips and Words of Wisdom:
If it's not holding it's own, get out.
The LPA would like to thank Joe 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.