All Forum Posts by: Gavin Welch

So, as an investor/landlord and real estate broker and owner of a property management company I probably talk to 2 or 3 distressed landlords a week.  I have noticed one key thing with all of them.  This holds true for the owner of one property who is new or the owner of numerous properties that has been managing them for years.  Here it is:

The key is they either don't have solid systems in place or they don't enforce their rules/use the system.  The owners for whatever reason stop running their business like a business.  They don't enforce late payment penalties, they chase the tenants around for money and the list goes on.  As the manager of my own properties and properties for others I can tell you without a shadow of a doubt you have to make the tenants live by YOUR rules.  When we interview prospective tenants we spell it out for them right then.  Here is our payment system, here is our maintenance request system, here is the late fees, here is what happens if you leave broken down cars in the yard or have a dog you didn't disclose to us. 

 I have on occasion broken this rule and taken tenants from the previous landlord (mistake) and I could never get them to live by my system and I always ended up terminating the lease.  So please hear me when I tell you come up with systems to make your life easy and it gives your tenants boundaries of what is and is not acceptable.

Good Luck

Gavin

Charge them a non-refundable holding fee (do NOT call it a deposit) that will be applied to the moving in costs.  Break up the security deposit over the first two to three months rent.  Problem solved.

I am not an attorney nor do I play one on TV.  This is not legal advise, but what I have done for my own properties.

Good Luck

G

James, if you self manage you can make some decent returns, with the apps now, self management is not that difficult.  My brother has a property that's a couple of hours from him.  He self manages is it.  He found a cleaning lady that specializes in short-term rentals.  He has an owners closet and three complete sets of sheets for all the beds.  When someone leaves, she cleans and changes the sheets, she takes the dirty set and washing them at home and replaces them when she returns.

I'm not sure about the 20-30%, that seems a bit high.  

We have good numbers in lakeland for rentals.  It's not 2009 numbers, but we beat a lot of metro areas. Because of our lower purchase price

Gavin

My family had I have been in Lakeland for over 10 years and we really enjoy it.  Still has the small town feel and your close to everything.  Housing prices are great for the invesmtents also.

Hey Andre, I'm an investor and real estate broker here in Lakeland.  I have investor clients from Germany to Australia and would be glad to assist you.  

Erin, as an agent I think

You know you are about 6 years too late, even in the best areas.. sorry, buts it’s the truth..

Hey Cody I love and invest I lakeland, let’s get coffee sometime.

Gavin

There are a lot more multi families the closer to Tampa and Orlando you get.. There are some quads and duplexes here in Lakeland and Ocala, but they are few and far between.  

With any property you need to look at the book from the seller, PGI, EGI, operating expenses need to be carefully examined.

Reach out to me if you have any more questions

Gavin 

Arturo, pm me about lakeland area..