LANDLORD OF THE MONTH
Landlord Since 1993
Property Type: Residential Homes
My real estate investing career started off as a problem in disguise when a friend of mine was about to be evicted because her landlord lost the home to foreclosure without telling the tenant (my friend). I bought the property at the foreclosure sale for an incredible price and instantly became a landlord. My friend actually turned out to be a great tenant who eventually got married and bought her own house.
Philosophy of the Working Landlord
I think people should be treated fairly and be given the benefit of the doubt. That is after checking them out fully. I'm not going to be stupid. Been there, done that.
I think this LPA site is great because I am hungry for knowledge that will help me to keep my rents paid on time while helping me manage my own time. I have a life you know!
How I Do It
I don't have as many rental properties as many of you do, but I seem to be getting my three on track. I have 2 One families and 1 duplex.
I find that going in person to see their last home helps me a lot in screening the new tenants.
I also do my best between tenancies to clean and re-prepare the rental so it will be ready to be moved in. I wish I could have moved into a beautiful home when I rented!
I protected myself with a lease form given to me by a realtor. I later found that the lease was really more tenant sided than landlord! I spoke with an attorney friend who helped me improve that lease. Now, I can't tell you how glad I was to read through the LPA Lease. It was everything I wanted and more. The clauses in that lease are priceless! Let's just say it has helped me a lot.
Tips on the Landlord / Tenant Relationship
Screen the tenants as thoroughly as you can. After you accept them, they and their problems are all yours.
I try my best not to mix my personal life with my business life. I'll have a cup of coffee with a tenant occasionally, but that's it.
Managing The Rentals...
I manage my rentals myself. I don't think a management company can possibly put the care into it like I can. I don't think they will shop carefully for work and/or materials the way I do.
Legal Tips and Words of Wisdom:
Make sure your lease is signed with the tenants understanding every word of it. I make it cleart to the tenants that my attorney friend is ready to step in on my behalf at any time if I have a problem enforcing the lease. I will not hesitate to evict a tenant who DARES to violate my lease.
The LPA would like to thank Veronica for 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.