Rental Property Investor 路 New Castle, DE 路 Member since 2016 路 376 posts 路 158 votes
Hello BP! I'm finishing up my 1st investment property and am interested in self managing. What lessons can you share that could help me and other newbies? I've already started a journal with my renovation lessons and would appreciate your lessons as well 馃槉
Step one is memorise your state landlord tenant regulations and thoroughly understand how they are applied. When interviewing a new tenant lay down the law to insure they fully understand how you manage. Remember your primary responsibility is to train every tenant to be a good tenant. Bad tenants are created by bad landlords. When a landlord has a problem with a tennat it is 99% of the time the landlords fault. If a tenant pays late you immediately issue a pay or quit notice and strictly enforce late fees. If they pay late a second time you make it crystal clear that one more time and you will evict or non renew the lease. Very best possible lease option is M2M.
Never include any clause in a lease that you do not intend to strictly enforce. A lease is a legal contract, enforce it to the letter or don't waste you time having a lease.
Contrary to @Spencer Abeyta statement that there is such a thing as a "acceptable" reason for late payment. Tenants have excuses not reasons. If your tenant is not dead rent is to be paid on time. If the tenant is dead the family pays the late fee. Ignore all excuses, always send pay or quit notice the day after rent is due.
There is no place in business for emotions, compassion is the first step to failure, hope is another word for delayed disappointment.
Tenants will attempt to push you and your lease to the limit. Blink and you lose.