Real Estate Broker · Ashland KY · Member since 2018 · 57 posts · 71 votes
As you scroll through fackbook or other sites you see various life hacks about cooking, landscaping, etc. I want this post to be about landlord hacks( what are some simple tricks you use to make your life easier as a landlord).
1. I only use deadbolt locks on doors ( and non locking handle) because it prevents tenants from locking themselves out.
2. I buy a years worth of air filter for a property because the tenant will forget to buy the air filters and change them.
3. I only buy 2br/1ba houses to lower the chance of hoarding and stairs.
Rental Property Investor · Springfield, MO · Member since 2019 · 462 posts · 365 votes
6y
Here it goes!
Open a 'rent' checking account and allow tenants to deposit into it (but set up transfers so the account always has a $0 balance). This allows tenants to pay with cash or check at any of the bank locations without having them (or yourself) incur any transaction fees.
Use quarterly air filter changes as an excuse to inspect all of your properties. (best $4 investment possible)
Give tenants a standard repair cost sheet during the lease signing. This way they will not be surprised by what they get charged when they move out.
Don't get in a rush to rent out a unit... wait for the best qualified tenant.
It is cheaper, and quicker, to pay someone to leave a unit than try to evict them.
Get a few Google Voice numbers (they are free) to use for different tenant purposes.. emergency, general questions, general maintenance. That way you can block out all after hour calls/texts that are not to the emergency line and set up the numbers to forward depending on your schedule.
Investor · Granger, IN · Member since 2015 · 195 posts · 129 votes
6y
@Dennis M. I own a bunch of single family homes and I never run out to fix anything. And my ROI's aRe as good as anyone's. You just have to buy right. We do options as well but it's not like we don't have to go get those houses at the end of the option from time to time and fix everything because the person who thought they were going to buy it Did absolutely no maintenance.
Real Estate Investor · Reno, NV · Member since 2016 · 71 posts · 67 votes
6y
@Guy Yoes
Who do you use for insurance? I have a 4 plex with 4 small individual houses and a 3 plex with a house and duplex and would like to have 1 or 2 insurance policies instead 7.
@Terrell Garren I'm on the same page with almost all of your suggestions. But I'm curious about the use of month-to-month leases. I presume you do M2M so that you never have to deal with renewals, can easily terminate problem tenants, and are still able to raise rents if/when appropriate. Are there any downsides to M2M?
One that I can think of is that it might complicate or even preclude cash-out refinancing, but that may not matter to you.
Jim, Exactly - No renewals and I can deal with misbehaving tenants immediately. I've had several tenants on M2M agreements from 8 or 10 years. As a newbie, I thought locking tenants into a long lease was goodness. However, tenants will leave when tenants need to leave. Long term leases only boxed me in. I issue agreement addendums when I need to increase the rents every couple years. I've not noticed any downsides regarding M2M. Sorry, I'm a old dude and avoid leverage so I can't speak to refinancing. Best, Terrell
@Shane Craig I'm still getting my first rental right now but for me it has been getting those around you on board. For me I'm married so making sure I'm not going against my wife's dreams with mine. It's way easier if you avoid this mainly by building a dream of the future you both agree on. I would think this would apply with being single in the way of finding someone who understands and will support you. Great post!!
My wife's journey when I started buy-repair-hold SFHs 10 years ago.
SFHs 1-5: Are you !&$#@! crazy?
SFHs 6-10: Hmmm, this could work
SFHs 11-15: Wow, this really does make money
SFHs 16-20: So !&$#@! glad I thought of this. Life is good.
Hi :) I use property management to manage my properties, but reading through this post, I go curious about self-management. What's the hardest or painful part of it? And what have you done to make it easier?
Most painful part - Cozy frequently emailing me about money deposited into my checking account. Interrupts my napping and fishing. Seriously, for local class B properties, it's just not hard. Good tenant selection, trusted contractor relationships, mobile phone, Dropbox and Cozy = autopilot.
Here I thought I was the only one doing #5! Being pet friendly, I’ve got a long waiting list. But lots of folks only move may- August here because of weather so I’ve yet to find the waiting list incredibly useful.
Also 99% paperless here. Cloud storage and a phone is all I need.
Schedule emails through Gmail. I operate on term leases (12 months generally) and at lease signing their reminder to renew offer gets scheduled for start of month 10. Second reminder 20 days later. Both cc to me. Reminder to me exclusively on day 28 of month 10 to make contact (if needed still). Day 29 month 10 I send their notice that they will not be renewed as they did not return the form signed. Where I’m at it would go month to month automatically if I don’t ask them to leave 60 days prior to term end and it becomes MUCH more difficult for me to control vacancies if I allow that so I just don’t let it get to that point.
So by the time my on site guy has spent the hour doing entry paperwork with them he has also already scheduled their renewal offer or exit. Be aware if your jurisdiction has “1 business day” delivery times or similar for digital service you may need to adjust scheduled dates
Rental Property Investor · Member since 2019 · 62 posts · 46 votes
6y
@Karl B. Wouldn’t the “all toilets and drains are responsibility of tenant” can possibly screw you if tenant just not fix any possible clogs and cause overflow to happen?
No, I self manage. We don't have much to choose from in regards to professional PM companies around my market. So I'm building the one our market needs
@Michael Ablan quick question how did you start your guildbook and what are the core topics? I have gotten this advice a few times and each time it seems overwhelming to start.
I've got it setup like this
1.) Welcome
2.) Points of contact, what they do and when to contact them
3.) Navigating their tenant portal
4.) How to pay rent, grace period, late fees, eviction process.
5.) How to submit maintenance requests and typical turnaround time
6.) List of 10 most important lease points (No smoking, running toilets, sneaking pets/additional occupants, ect)
7.) Yard/snow removal practices
8.) Move in procedure
9.) Move out procedure
10.) Lock out procedure
11.) Rules for us entering the unit in case of emergency
12.) Emergency contacts and when to use them. (HVAC number, 911, Local fire department because of gas smell, ect)
That pretty much sums it up. I use this and my lease to justify why I'm charging them for the super high water bill that resulted from the running toilet they failed to tell us about.
Molalla OR · Member since 2018 · 21 posts · 3 votes
6y
@Shane Craig
Great topic
1) got from bp episode! I give a $50 a month discount on rent (paid every 3rd month) if the rent is paid by the first. All of the yard and outdoor maintenance is done. Finally all terms of the lease are met.
2) minimum screening standards when choosing the tenants
3) move in book with all contracts and contractors numbers (24/7 plumbers and electrical)