Advice for New Landlord?

[Goedjn]

Most especially people who "you knew were having a hard time."

Business is one thing, charity is another. If you try to do both at once, you just screw them both up.

[cas]

I wish the lady who owns the rentals down the street from us did that. She bought these places sight unseen then turned them into section 8 (2 duplexes, before she bought them she had 3 single females and one recently married couple in there). She jacked the rent way up, one of the girls left. In came section 8 family. They didn't even have the car unloaded (everything they owned, which consisted of some clothing, a playstation and a TV) before they were fighting. Cops came 3x that night.

She didn't run checks, if she had she would have discovered those gems have been evicted out of public housing 3 times in 5 months. After 6 months and 3 trips to noise court she finally evicted them. They broke the toilets AND the tub (there was a hole in the bottom of it). The toilet was destroyed and someone had used each room for their personal toilet.

Sadly she tried to go to the section 8 people and they said there was nothing they could do!

[Al Moran]

You tried to be a nice guy by helping people out and now you're getting the shaft. Since you knew their financial situation when you rented to them you have no right to whine. Demand all monies owed be paid immediately and then initiate eviction precedings immediately if they don't pay up. If you continue to try and be a nice guy you are going to continue to get screwed.

- All the free heating and air answers you want!

[Eric in North TX]

The most successful landlord I know of does this; He interviews 4 times, 2 times at his place, once an unannounced drop in to where the live now, once at the intended rental. He has never had a bad tenant.

[lp13-30]

I know 2 people with rental houses who only who only go through realtors. They swear the 10% fee the realtors charge is the best money they ever spent. They say that the deadbeats will not even try to rent through a realtor, because they know they will be checked out thoroughly first. One guy actually lives directly across the street from his rent house--says he never even met the renters. Larry

[Oren]

The one and only Section 8, I rented too had a Counselor. The County Housing Authority sent this Counselor to do a walk-through, move in inspection with prospect tenant,

Same case with the move-out. I can say in my/this case things worked out well. I can only guess when they go bad.

-- Oren

"Well, it doesn't happen all the time, but when it happens, it happens constantly."

[USguy]

Your first problem is you rented to friends. It sounds like they're no longer friends anymore. Stay away from renting to friends or family.

And screen screen screen. If you don't check their eviction history or their credit history you can blame only yourself.

Try to avoid evicting them until the heating season is over as long as they are paying some rent.

I th>Not exactly home repair, but here's what I'm up against.

[Moe]

I had rentals and with some it turned out I had to educate some of the renters about how little the "rich" landlord actually made. They thought I got to put all that money they paid right in my pocket to spend. Two things come to mind, Pets, they almost always wound up costing me money, Single moms, they had by far the most problems, lifestyle problems, which lead to financial problems, which wound up costing me money. Collecting the rent is one of the biggest problems I had. Seems the landlord was the last to be paid, even late fees didn't seem to register with some of them. There is a reason they are renting instead of buying, be sure to find out that reason before renting to them.

[SMS]

One of my best tenants was a guy that I almost didn't rent to because of a bankruptcy. But he owned a house in another city, the bankruptcy was the result of a failed business venture, and he had a good job, so I took the chance. He took care of the place, and was never late with the rent.

My relatives had a rental house where the tenants put an addition onto the house. It was illegal, and they had to pay to bring it up to code, and get the permits. They ended up buying the house at a very high price.

[SMS]

Sounds like San Francisco. While technically you can raise the rent to the market rate when tenants change, as a landlord you often are never notified that different people are living in your property.

When rents are falling, shouldn't the same rent control laws prevent tenants from leaving for lower rent apartments?

OTOH, the rent always came on time, no one wanted to risk eviction from an $800 two bedroom apartment in San Francisco.

[Bob F]

The friend of mine that tried that got renters that didn't even meet the "no-smoker" or "no-pet" requirements she requested of the manager.

Bob

[Ben Phlat]

This is good advice, but I would go further. I had a teacher in college that was also a landlord and the first thing he would ask prospective tennants is "Let's go look at you car" You can tell a lot about people from how well they take care of their vehicles. In addition he would also go look at their current residence to see how they kept it up as they would do the same in a new place.

--Ben

[hallerb]

Charge TOP buck? have more churn people move more looking for better deal

charge a little lower renter appreciates good deal and tries to be accomodating like paying on time.

even a bad tennant can be better than none at all

churn costs a lot....... paintaing and fixing after each person moves out

[Godof7s]

I have been in the business 30 years.

First, get rid of your tenants.

The fact that they aren't destroying your property is no selling point. I expect tenants not to destroy the place. If they do, they're out and I ruin them for future tenancy.

Second, get a property manager. You don't need oakballs screwing you around.

[Godof7s]

Reward your tenants?

I give $100 discount if rent is paid before the first.

I get the rent two wks early every month.

DK wrote:

[Godof7s]

One other thing:

I only rent to people with pets.

They stay because no one else will have them.

Plus, they are grateful.

[Deano]

[Deano]

Hey thanks for the great advice guys...

Here's an update, well, it is important to me that a tenant keeps up the place and both our tenants seem to be doing so. If I had a dozen rentals, I might not feel so strongly about it.

They're both still late with the rent usually but that doesn't bother me a whole lot as long as it gets paid.

I did sent a certified letter to both reminding them of the terms of the lease. One responded that his live-in brother hasn't contributed to the rent. I reminded him that HE is named on the lease, his brother isn't and his brother is not my problem. DUH. The other tenants responded with a note that some promised repairs haven't been done...which I have since performed. They were under the wrong idea that they could withold rent ...which they cannot legally in Ohio as we only own two units. Just after that, their two dogs were run over by a train. I just feel like I can't win. :-(

My wife promised that we would put a gate on their driveway. Thanks, dear.

Dean in Cincy

[tsltrek]

I've had 6 units for 10 years now. I tell all my prospectives that these are my kids' college fund and I take it serious. If my tenants are late, they pay late fees, past the grace period I'm down at the court house filing. Its a business, you can be nice, but don't be a sucker. I'm nice to my tenants, they'll even tell you so, but they know they pay or they're out.

Wish you the best with your rentals.