6 Reasons Landlords Should Thank Their Tenants This Holiday Season

6 Reasons Landlords Should Thank Their Tenants This Holiday Season

3 min read
Kevin Perk

Kevin Perk is a full-time buy and hold and fix and flip real estate investor with over 15 years of experience. He and his wife Terron operate Kevron Properties, LLC, a boutique real estate investing company in Memphis, Tenn.

Experience
Kevin was a past president and is a current board member of the Memphis Investors Group. He’s also a blogger and writer who has authored hundreds of real estate investing articles on BiggerPockets and his own blog, SmarterLandlording.com, some of which have been featured on The Motley Fool and MONEY: Personal Finance News & Advice.

Kevin is also host of the SmarterLandlording podcast.

Originally from the Washington D.C. area, Kevin moved to Memphis to attend graduate school at The University of Memphis. After receiving his master’s degree in City and Regional Planning, Kevin climbed the planning career ladder to eventually become planning director of a county in the Memphis metro area. He “retired” from planning in 2003 to pursue real estate investing full-time.

Since “retiring,” Kevin’s main real estate investment strategy has been to buy and hold, otherwise known as landlording. Generally working in historic Midtown Memphis, Kevin is also known to fix and flip grand, historic homes when the right opportunity presents itself. He and his wife Terron (who is the principal broker at Perk Realty) have participated in dozens of real estate transactions in the Memphis metro area.

Kevin has the heart of a teacher and believes in helping others through education. An instructor of college-level geography for over 25 years, Kevin also regularly participates in seminars and panel discussions at such forums as the Memphis Investor’s Group and the Single-Family Rental Summit.

In addition, Kevin has been interviewed in publications such as the Memphis Commercial Appeal, the Memphis Daily News, and the Foreclosure News Report.

Education
Kevin earned a master’s in City and Regional Planning from The University of Memphis.

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Bring up the subject of tenants, and many landlords will let the complaints fly.

Even I complain about my tenants every once in a while, sometimes with very good cause. But looking back over the years, I realize that most of my tenants have actually done a lot for me. And being that this is the time of year we are supposed to reflect on those things that make us thankful, I thought I would take a few minutes to share with you what my tenants have done that make me thankful.

Of course, the main thing my tenants have done is pay me rent, which pays my bills, but that is rather obvious. So here are some more items I am thankful for that are perhaps less obvious.

6 Reasons I’m Thankful for My Tenants

1. They Make Things Easy

The majority of my tenants have paid their rents on time, every time, without complaint. They wave when they see me, are friendly and cheerful and are all around easy to work with.

These tenants are the ones I am most thankful for. Landlords should talk about these types of tenants and how to get them more often. So to those tenants who are so easy to rent to, a big thank you!

2. They’ve Given Me an Exit

I used to have a 9 to 5 job. I got into real estate to get out of that. My tenants are the ones who allowed me to quit the 9 to 5 job and move into real estate full time. Without them, my real estate investing career would be significantly reduced. Without them, many parts of my current life would not have been possible. So again, a big thank you.

Related: 3 Real Estate Setbacks I’m Grateful for This Thanksgiving

3. They Provide Me Time & Freedom

By allowing me to get out of the 9 to 5 rat race and focus on my real estate adventures, my tenants have allowed me to have some flexibility in my life. I have a bit more time to enjoy life and do some of the things that I want to do, like teach, travel and just relax more. Again, a big thank you.

4. They’ve Allowed for Professional Development

By getting back some of my time, I was able to focus on other things — things like writing these blog posts and developing other business ventures. Without my tenants, I do not think I would have had as much opportunity or flexibility to develop myself professionally. I do not think I would have ever achieved what I have achieved if I did not have good, quality tenants supporting my business. Again, thank you.

5. They’ve Given Me Insight

My tenants have allowed me to see many sides of life. When you have tenants, you get many chances to peer into someone’s most personal lives. You get to see their credit reports, you get to see how they live, you get to see what they have and do not have.

This insight allows you to pause and be thankful for what you have and perhaps even for what you may not have. Yes, at times I will complain about the sob stories you can get when the rent is late, but the fact is, sometimes those sob stories are real. As the landlord, you see and hear so much that you develop a very good feel for the human condition. Your BS detector becomes fine tuned.

Related: Why I Am Thankful For Real Estate Investing

This insight has not only helped in my business, but in all aspects of life. So again, I offer my thanks.

6. They’ve Enhanced My Personal Growth

Having tenants has, I think, made me a better person all around. There really is no better education than having tenants and your own business. You will find yourself in many unique situations that you would have never have been in otherwise. Those unique situations will take you out of your comfort zone, force you to make decisions and do things you would not otherwise have done. You come out a better person because of this. I have a much better understanding of how the world really works, and I think I am a better person, both professionally and personally, for it.

Yes, we landlords all like to complain about our tenants, and, as I said, sometimes it is for really good reasons. But when I look back over the years, I realize that the good ones have far outweighed the bad. These good ones deserve a heartfelt thank you for all of the reasons I have mentioned. So thanks again; I do appreciate it.

Are you thankful for your tenants? Why? How have your tenants or your real estate investing activities helped you?

Leave your comments below!