LANDLORD OF THE MONTH
Kenny and Tracey S.
Landlord Since 1995
State: New York
Property Type: Residential 1 Family Homes
I am in the construction business. I was inspired by a friend of mine who was buying homes and sucessfully renting them out. I began buying beat up, run down houses that the sellers wanted to unload at low prices.
Philosophy of the Working Landlord
If you fix up an undesirable property into something desirable, you will be able to attract a better tenant. Therefore the tenant will respect the property better if it is provided to him in a state of good condition.
How I Do It
I rent my properties below market rent. Only slightly. It gets me a better selection of tenants to choose from. I start my screening with the LPA rental application and then I get a credit check done ONLY if the tenant has me convinced that they will be who I want.
The lease rules. It is like the 10 commandments. I now use the LPA Lease. It has everything I want in it. My old lease was constantly growing with new terms, but the LPA lease is all contained and more professional. I read it to them in detail and they agree.
Managing The Rentals...
I love working on my houses. It is a labor of love. My wife and I team up on many of the projects.
Legal Tips and Words of Wisdom:
Be ready to lose a month of rent if it mean waiting for the right tenant. Its worth it. Read everything you can about being a landlord. Oh, and use LPA forms.
The LPA would like to thank Kenny and Tracey for their 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.