All Forum Posts by: James R.

Adam, 

Check this out:

http://landlordbootcamp2015.com

I have let tenants paint at their own expense and they have stayed in the unit longer as a result (someone previously mentioned that tenants take ownership by painting their space and it makes for a happy tenant).  I even raise the rent at least $25 a year and have never gotten a complaint about it either, because they know moving is a hassle and they won't find a better place for the same amount of money. I approve the colors and I tell them that when they move out, the unit has to be professionally painted back to the original color (neutral) at their expense or they will forfeit their security deposit.  Set some guidelines and do it in a way that is a win/win.  

I'm not sure about the unemployment rate for qualified construction workers at the moment, but new housing starts the U.S. are increasing.  

Michael, 

herzlichen willkommen bei BP! 

Your plan sounds good.  The U.S. is a good place to start a business like the one that you are wanting to do. There is a lot of land for sale here!  

Alles Gute,

James

@Sue Kelly - yes, you make excellent points.  I don't have time to argue with tenants and I will tell you that this has happened...only when a tenant's lease was set to expire in 6 months.

They were long term tenants (5 years) and behaved themselves until they bought a place and were set to move out.  I called and questioned if there was a leak of any kind and went to the property.  The water heater was leaking and they didn't tell me, moved in a friend and lied about it and were letting relatives use the washer and dryer.  I couldn't really do anything.  I would have said that they violated their lease by not reporting the leaking water heater, but they had plans of moving out anyway.  When it came to the check-out, I made my money.  Things I would have normally overlooked, I charged them for.  At that point they did not want to argue with me, because they wanted to get going, so they signed the checkout inspection report on the spot.  This is the only time that I have had a problem with this strategy in 10+ years of owning these units.  

I agree with Aaron Montague.

If your washer and dryer are in each unit, tenants love this and will snatch up your apartment over another giving you a competitive advantage.

I have in-unit washers and dryers AND I pay the water bill, so that I can see how much water is being used...a dead give away to see if there are additional people living there and if friends of the tenant are doing laundry using MY water and MY machines.

I give tenants the analogy that if I give them a car and agree to put gas in it, it is for their use only not for their friends and relatives.  I have it in the lease that if at any point water usage goes above 5Ccf person, per quarter, the tenant will be charged. 

Wow!  There are some really nice landlords out here on BP.  I am not one of them.

I had a downstairs tenant DEMAND that I not rent the upper unit to a man and that the woman I rented the unit to could not weigh more than 125lbs.!!  I followed my usual protocol for renting and the upper unit was re-rented in 3 weeks.  About six months in, the lower tenant got into a row with the upper tenant, including threatening her with violence because she could hear her walking around.  

The lower tenant was on a month-to-month and the noise complaints on her part were the final straw. 

My letter to her:

Thank you for your tenancy over the last X year(s).  I have decided to go in another direction and will begin re-renting the apartment per the terms of your rental agreement. 

Regards,

I re-rented her unit in less than 2 weeks.  

Well, she called a lawyer, who tested my knowledge on the laws in my state.  I came back to him with an e-mail citing the law...and he responded saying his client would be out by the end of the month.  Never heard from him or her again.  New tenants upper and lower have lived in harmony ever since. 

Know your state laws when throwing someone out! 

Terrence,

Welcome to BP!

I'm not in MA, but glad to have you here, just the same!

James

P.S. Without direct commercial RE experience, I would do some serious networking with those who do have it to make connections, if you want to break into that area.  

Alex, 

I agree with Leon's comments.  I went to an interview and was asked (my 10 yrs. rental property experience isn't on my resume, because my 'regular job' is in a different field) what I am doing to keep busy while looking for a job.  I said that I self-manage my own rental properties and that just opened a can of worms detailed by Leon's post above.  

Needless to say I did not get the job and I believe because employers want to know how "hungry" you are literally, which translates to "How desperate are you for this job?"  If you own and manage your own properties, you are considered not that desperate, because you can always fall back on your rentals for a job and cash flow, given you are getting some, which if you are in the business, you better be. 

If you are applying for a property manager job, then create a entirely different resume that details all of your rental, property management, problem-solving etc. per Sue Kelly above.  

My 2 cents.