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Would you live in your rental unit?
It's a simple question, but I think it's a very important question that all landlords need to ask themselves. As landlords, we try to cut corners and reduce expenses. For example, we put in carpet instead of tile. We put in laminate counters instead of granite. Window units over HVAC. We all do it, or we have done it at some point. "For every action, there is an equal and opposite reaction." Newton's third law. Now, I know this is not physics, but if you think about it, it applies to landlording. If you cut corners, you will pay for it by getting a lesser quality tenant in your unit.
So ask that question to yourself. Would you live in your rental unit? If the answer is no, you should either renovate it, sell it, or if it's a prospective deal, do not buy it. I walked through the rental units we are renovating today. My first thought was I would live here. I know we are going to get a better quality tenant because we decided to put a better quality flooring in, new vanities, etc. I think this is a key step that landlords often leave out. I would rather have a unit that never sits vacant because it is nicer than the slumlord's house down the street than be the slumlord.
Isn't that what we aim for as investors anyway? Yeah sure, we all strive for money, cash flow, but are we not aiming for a better quality of life for someone else? Bettering our community by rehabbing distressed properties. If you treat others well and give them a better product, you will be rewarded. You get out what you put in.
Would you want your landlord to cut corners and put in lower quality amenities? Obviously not, so go the extra mile for your tenants.
Comments (8)
When I was building my portfolio, especially before my wife was completely on board, I said that I wouldn't buy a property I wouldn't live in because some day I might have to. I still hold to that.
Jeff Rabinowitz, over 8 years ago
@Roy N. I love that quote that's great
Devan Mcclish, over 8 years ago
One of our business ideals is "if our family would not live in a unit, neither should yours".
Roy N., over 8 years ago
@Tom Shepard is that the apartment complex?
And thanks everyone for leaving comments!
Devan Mcclish, over 8 years ago
I am a single mom I have rented apartments in the past that were owned by slum lords who owned many apartment buildings all they cared about was collecting a check. I'm in the process of learning all I can about rei. I vow to never be a slum lord I know how it feels. I want to give people decent safe housing to live in.
Charlene M murrill, over 8 years ago
I generally put tile instead of the cheap vinyl in kitchens and baths. Instead of the cheap plastic tub surrounds, I put in ceramic tile. Instead of the cheap 1/8" carpet I refinish the hardwood floors. I want places to be livable and rentable.
Dawn Anastasi, over 8 years ago
Excellent point! I applaud this thread. That is the same question I ask for when I become a landlord.
Jerald Alford, over 8 years ago
Great points Devan! Our college rental in Chattanooga I would definitely live in...if it were not across the street from the University in an area crowded with students!
Second property TBD...just closing next week. Major rehab needed, so I will keep your thoughts in mind as we work this one over!
Tom Shepard, over 8 years ago