Real Estate Agent · Baltimore, MD · Member since 2018 · 283 posts · 228 votes
6y
Here's a few I've learned in the past year:
When considering to rent to someone (after a showing), call them and go visit their current residence to review paperwork (lease, etc.). This way you can see how they currently treat their property, and it doesn't give them enough time to tidy up!
If a tenant has to break a lease, give them a $200 gift card if they find a replacement tenant for you (especially for good tenants, who know other good tenants).
Gift cards and gifts. Gift cards for every major Holiday. Other times of the year - if you find out your tenant is recovering from a surgery, have a flower delivery service drop off a $30 "get well" flowers - just did that one this week.
Redwood City, CA · Member since 2017 · 13 posts · 10 votes
6y
Make sure you have lease contracts that cover all your bases like being able to show your property to potential buyers with 24 hours notice and stipulation that the lease can be broken with 30 days written notice in the event of a sale. Assuming these are ok in your local area to add by law.
Real Estate Broker · Northeast PA · Member since 2017 · 2k+ posts · 2k+ votes
6y
@Peter Tverdov--good point about inspecting the current residence--it speaks volumes about how they live.
Next on inspecting--make sure to inspect during the first month the tenant moves in, and then at a minimum every six months. (We need to do a safety inspection regarding the kitchen fire extinguisher and the smoke and c/o alarms).
Take photos during the inspections, and ask and check about leaks, outlets, and switches.
HIRE A LAWYER and make sure it's a good one (I am not a lawyer obviously). Some lawyers don't even keep up on recent decisions. What was legal yesterday might not be legal today and do you want to be the test case that proves you were breaking the law?
I see lots of advice on the internet from non-lawyers who are venturing DANGEROUSLY close to UPL (that's the unauthorized practice of law) by giving advice that really requires a practicing attorney to give.
I also see lots of landlords doing things that I KNOW could get them sued yet they act omnipotent. Will their internet friends be there to pay their legal bills? If you think $5,000 to fix an apartment is bad, try $150,000 for a lawyer, and then you still might lose because you were so intransigent that the "broke *** tenant" you bullied decided to make a federal case out of it.
Also be careful with tenant privacy. So many times I see landlords inadvertently revealing clearly private information about those they rent to or deny rentals.
How freely can I speak here? This is obviously a landlord-friendly site but I'd think it would serve everyone well if landlords brought their conduct more in line with what is legal, so that more tenants would have fewer problems renting.
Tenant screening and landlord references? Would that disqualify Marla Hanson due to her ex-landlord's opinion of her:
Now do you have a PROPERTY MANAGER "handling" all this for you? Are you prepared to get a letter from your manager that some "***** applicant is threatening bogus litigation" that turns out not to be bogus?
I've helped run buildings in the past. I've seen the landlord-tenant relationship from both sides. With COVID causing a housing earthquake, things are going to get very dicey as it is for renters and owners alike. There's already talk of rent riots to rival what happened in the depression (look up what the tenants did when the marshalls came).
Owning property doesn't make one a king or give them the right to power-trip the way I see so many do. That "nobody" you pick on might know SOMEBODY, you never know. That "broke *** loser" might be waiting on a lawsuit settlement or an inheritance, OR might be testing you (banks even hire testers).
Of course smart people buy condos or homes the second they can afford one. Then all they get is an HOA which is another set of issues.
Rental Property Investor · Los Angeles, CA · Member since 2013 · 1k+ posts · 1k+ votes
6y
@Peter T. Acquire the most desirable properties you can which will 1) attract the high quality tenants, 2) increase the average length of stay which 3) minimizes turnover, ie the #1 cash-flow killer.
Investor · Jasper GA · Member since 2015 · 1k+ posts · 1k+ votes
6y
As a small time landlord:
If their car is trashed your property will also be.
Never rent to someone who shows up in a moving truck and has to move in ASAP
Be careful with prospects that bash their current landlord
Check with their last as well as current landlord. If possible have them show you canceled checks or proof of where they paid their rent. Their current landlord will lie to get them out of his property.
Watch out for the prospect that gets several different government checks
Try to find tenants that you can collect a judgment from if possible
I like tenants that have a family in the area
NEVER hold their baby. You can't evict a child you have held. (my personal feelings). I don't even acknowledge their cute kids.
Never finance the deposit.
Verify everything. They can fake paystubs off Craigslist
Let them know upfront what your expectations are and do not allow them to dictate the terms of your lease.
Spend the time to go over then lease and make sure they understand it.
Rental Property Investor · Greensboro, NC · Member since 2018 · 32 posts · 10 votes
6y
@Peter T.
When I was a PM we would do pre move-in video inspections. A day or two before the tenant moved in we would take a long inspection walk through and video the whole thing. Detailing anything we saw, damage or otherwise. Just so we had a proper, videoed account of the property. We'd then upload, unlisted, to YouTube and share it with the owner. At move out we would do a similar video, detailing any immediate damage. This was good for our records. We also compared them side by side to make sure we weren't unduly charging someone for existing damage.