{"id":78606,"date":"2019-06-02T14:30:10","date_gmt":"2019-06-02T20:30:10","guid":{"rendered":"https:\/\/www.biggerpockets.com\/renewsblog\/?p=78606"},"modified":"2021-03-16T11:59:42","modified_gmt":"2021-03-16T17:59:42","slug":"2016-06-20-rockstar-landlord6-tips-success","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/2016-06-20-rockstar-landlord6-tips-success","title":{"rendered":"How to Be a Rockstar Landlord: 6 Tips for Success"},"content":{"rendered":"<p>How would you like to work 168 hours a week, never travel anywhere, and spend your days dealing with the ungrateful, entitled, lowest common denominator of public society?<\/p>\n<p>No?<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/45fNMOtgsdA\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>OK\u00a0good, me neither. So, today I want to share with you my top tips for AVOIDING that lifestyle while still owning <a href=\"\/renewsblog\/2013\/02\/22\/buying-rental-property\/\" target=\"_blank\">rental properties<\/a>.<\/p>\n<p>That\u2019s right. You <em>can<\/em> be a rockstar landlord without being a slumlord\u2014a<span style=\"line-height: 1.5;\">nd today, I want to offer six tips for doing just that.<\/span><\/p>\n<p>Let\u2019s get to it.<\/p>\n<h2>1. Treat Landlording as a Business<\/h2>\n<p>Look, you don\u2019t see Howard Shultz making lattes, Mark Cuban playing one-on-one with Shaq, or Donald Trump swinging a hammer.<\/p>\n<p>Why?<\/p>\n<p>Because these people run businesses. And if you own rental properties, you run a business too.<\/p>\n<p>So start acting like it!<\/p>\n<p>Take it seriously.<\/p>\n<p>Build processes and systems that you can follow. Be consistent. Hire stuff out. Be organized. Know your numbers. Stop getting so emotional about everything.<\/p>\n<p>It\u2019s a business\u2014and it\u2019s time you started acting like it.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-78027\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2016\/05\/email-marketing.jpg\" alt=\"email-marketing\" width=\"702\" height=\"336\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2016\/05\/email-marketing.jpg 702w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2016\/05\/email-marketing-300x144.jpg 300w\" sizes=\"auto, (max-width: 702px) 100vw, 702px\" \/><\/p>\n<h2>2. Provide a Great Home<\/h2>\n<p>If you want to attract weird tenants, provide a weird home.<\/p>\n<p>But if you want great tenants, provide a great home. Fix the property up right before a tenant moves in. In the words of my friend and fellow landlord Darren Sager, make your home \u201ctenant-proof\u201d by using materials that won\u2019t break down quickly.<\/p>\n<p>Your property doesn\u2019t need to look like Buckingham palace, but it should be clean, durable, and better than average\u2014because that\u2019s exactly the kind of tenant you want to attract.<\/p>\n<p><em><strong>Related:<\/strong> <a href=\"\/renewsblog\/2016\/01\/31\/9-hate-landlord\/\" target=\"_blank\">The 9 Things I Hate the Most About Being a Landlord<\/a><\/em><\/p>\n<h2>3. Get to Know Your Fair Housing Laws<\/h2>\n<p>If you really enjoy lawsuits and paying big bucks to bad tenants, ignore this tip.<\/p>\n<p>But if you want to remain legal and avoid being called a lot of terrible names, listen up.<\/p>\n<p>You need to learn what your Fair Housing Laws are.<\/p>\n<p>Fair Housing Laws exist on federal, state, and local levels and are designed to make sure discrimination doesn\u2019t take place against a \u201cprotected class.\u201d<\/p>\n<p>Protected classes include race, color, religion, sex, familial status, handicap, national origin, and potentially more depending on your local laws.<\/p>\n<p>While it seems pretty obvious on the surface, sometimes it can be easy to discriminate and not even notice. For example,<\/p>\n<p><em>\u201cYeah, this property is on the second floor, so probably not ideal since you have a wheelchair.\u201d<\/em><\/p>\n<p>or<\/p>\n<p><em>\u201cYou know, I have another property that might suit you a little better since this is a high-crime area and you are a single woman.&#8221;<\/em><\/p>\n<p>or<\/p>\n<p><em>\u201cIt\u2019s a small studio apartment, so we can\u2019t allow seven kids.\u201d<\/em><\/p>\n<p>Each of these could get you in hot water, so be sure to review your local, state, and federal Fair Housing Laws.<\/p>\n<h2>4. Wait\u2013and Don\u2019t Wait\u2013for a Great Tenant<\/h2>\n<p>I know, that\u2019s kind of a weird tip, but hear me out.<\/p>\n<p>One of the best tips I ever received when I bought my first rental property was this: wait for a great tenant. It\u2019s better to have a property vacant longer than rent to someone who will drive you crazy or who you might have to <a href=\"https:\/\/www.biggerpockets.com\/blog\/evicting-tenant\" target=\"_blank\" rel=\"noopener noreferrer\">evict<\/a>.<\/p>\n<p>While this is fantastic advice, I want to amend it.<\/p>\n<p>Don\u2019t just wait for a great tenant to find you. You have to go out and find them!<\/p>\n<p>In other words, take your marketing efforts seriously so you have an endless supply of tenants calling to rent your property. Then pick a great tenant and move them in.<\/p>\n<p>Now, speaking of finding a great tenant&#8230;<\/p>\n<h2>5. Take Your Tenant Screening Seriously<\/h2>\n<p><a href=\"\/renewsblog\/2013\/01\/27\/tenant-screening\/\" target=\"_blank\" rel=\"noopener noreferrer\">Tenant screening<\/a> is one of the most important jobs of a landlord.<\/p>\n<p>Screening is the process you go through to make sure the tenant who\u00a0has applied is going to be that ideal tenant you want.<\/p>\n<p>Because let\u2019s be honest: people lie. Screening is how you verify they are telling the truth.<\/p>\n<p>When screening tenants, be sure to:<\/p>\n<ul>\n<li>Run a background check to make sure they aren\u2019t evil minions.<\/li>\n<li>Check their employment status and verify their income.<\/li>\n<li>Talk with their previous landlords\u2014because how they\u2019ve been in the past is how they\u2019ll be in the future.<\/li>\n<\/ul>\n<p><em><strong>Related:<\/strong> <a href=\"\/renewsblog\/2015\/11\/02\/landlord-dont-be-nice\/\" target=\"_blank\" rel=\"noopener noreferrer\">Landlords: Forget Being \u201cNice.\u201d THIS is the Key to a Good Tenant Relationship.<\/a><\/em><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-78388\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2016\/06\/student-housing-empire.jpg\" alt=\"cash-on-cash-return-real-estate\" width=\"702\" height=\"336\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2016\/06\/student-housing-empire.jpg 702w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2016\/06\/student-housing-empire-300x144.jpg 300w\" sizes=\"auto, (max-width: 702px) 100vw, 702px\" \/><\/p>\n<h2>6. Train Your Tenant from Day One<\/h2>\n<p>No child is born knowing how to drive a car. You have to train them to be great drivers!<\/p>\n<p>In the same way, you must train your tenants to be great tenants. It doesn\u2019t come naturally to most.<\/p>\n<p>Training involves two aspects:<\/p>\n<ul>\n<li><strong>First,<\/strong>\u00a0you must establish rules and guidelines up front. How do they know that blasting punk rock music at 2:00 a.m. is bad if you don\u2019t tell them? This is why a solid lease agreement is so important.<\/li>\n<li>And <strong>second,<\/strong>\u00a0you must enact punishment if they break the rules.<\/li>\n<\/ul>\n<p>No, I\u2019m not talking about beating your tenant with a leather whip.<\/p>\n<p>I\u2019m talking about penalties when they break the rules. If they are late on the rent, charge a late fee. If they move a pit bull into your \u201cno pet\u201d rental, make them give it away or face eviction.<\/p>\n<p>Yes, I know it feels weird being the enforcer, but rules benefit everyone, and by being a fair but firm landlord, you\u2019ll gain their respect and have a long-term business relationship with them.<\/p>\n<p>Of course, being firm doesn\u2019t mean you can\u2019t be a good person. Your tenant will respect you and stay for years if you treat them with the respect they deserve. Address maintenance concerns quickly, send a card during the holidays, and follow the Golden Rule\u2014treat tenants the way you would want to be treated.<\/p>\n<p>By following these six tips, you\u2019ll find that landlording doesn\u2019t have to be a drag. In fact, being a landlord can be one of the most rewarding and profitable roles you can play\u2014if you are willing to do it right.<\/p>\n<p><a href=\"https:\/\/www.biggerpockets.com\/webinars\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-91217\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2017\/08\/blog_ads-01.jpg\" alt=\"\" width=\"700\" height=\"85\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2017\/08\/blog_ads-01.jpg 700w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2017\/08\/blog_ads-01-300x36.jpg 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<p><em>If you&#8217;re a landlord, do you have any tips you&#8217;d add to this list?<\/em><\/p>\n<p><strong>Leave a comment, and let&#8217;s talk!<\/strong><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>No one said landlording was easy\u2013but do yourself a favor and avoid headaches by learning from others! These actionable tips on landlording successfully are a great place to start.<\/p>\n","protected":false},"author":710,"featured_media":78620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5183],"tags":[],"class_list":["post-78606","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-landlording"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/78606","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/710"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=78606"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/78606\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/78620"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=78606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=78606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=78606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}