All Forum Posts by: Eric Blackford

I would say first of all, if your lease prohibits it, then you shouldn't. But, I will also say that some landlords/property managers wouldn't care as long as the place is being taken care of, rent paid on time and no neighbor issues. Just know that you will be the one that the landlord/property manager comes after if the rent isn't paid.

As for the equity of rent charged, that's on you. If you can get a roommate who pays the entire rent amount, good for you. Just don't let him find out or you will have more problems than you can count.

Instead of tying it to their tenancy, why not just send them a $25 gift card every 4-6 months that you don't have a problem with them. I would suggest being general as to why you are gifting them anything because, if you say the reason and they go 6 months and don't receive anything from you, they'll feel entitled and you'll have pissed off tenants, even if you explain it.

I would say, if they are good tenants, maybe Christmas and July 4th send them a "Thank you for being good tenants" gift.

Cheryl, the hardest part of this business for me is when a former tenant or a landlord that I've had to separate myself from brings into question my honesty, integrity or business practices. I know that I am solid in those three areas but it still bugs me to this day. Usually, when this happens, I end up spending several days recounting the entire relationship making sure that I treated them fairly, honestly and with integrity. Heck, sometimes I lose sleep over it. You're doing great. Keep up the good work.

Well, from a PM standpoint, and you with 49 units, I would say that you have some negotiation room on the money spent and the percentages paid to a management company.

As a PM it's a little different for me. One time, very early in my career, I was renting a low rent low income half duplex. I was approached by a "church friend" about putting her son in there who had been having a few problems. I had her sign the lease, guaranteeing that the rent would be paid, collected the money and gave her the keys without ever meeting the problem child. I didn't even run a background check on the guy. Yeah, lots of stupid moves and broken rules by me but it was a learning experience.

When I finally met the guy, he was a monster of a human being. He liked to try to use his size to intimidate. After that first meeting, I went and checked the county criminal records on him and he had just been released from jail where he was put for assault and battery. He had domestic violence and assault & battery charges going back 10 years. I always got the rent on time but he liked to do stuff like change the drivetrain of a car in the front yard...by hanging the car body from an oak tree (this property is 3 blocks from downtown). Every time I would approach him, making sure I had 911 on the speed dial, he would walk up to me so we could have a face to chest talk and he'd inform me that "Well, it's not prohibited in the lease".

He finally moved after 6 months or so. The one thing I had on my side was he was on probation or parole or something and that, I felt, kept him from being more aggressive with me. When he asked if I minded if he moved, I said that would be o.k. He then asked about the deposit and I readily told him that his mom would be getting it all back. Lots of lessons learned in a short period of time.

That's great. Congrats.

I can't speak to the investor issue but I can tell you that I got my broker license years back for one simple reason...I HATE splitting commissions. The fewer splits, the happier I am. I do all the work, I control the deal from my side and I get paid all the commission.

If I'm understanding, you have 8 tenants on one water meter. In that case, I'd submeter to the 8 units and bill them their usage as you are billed. That would also help them to be more attentive when they are using water.

How do you make a million dollars in the restaurant business? Start with two million...

Daniel, count your blessings and move on. You have no reason to trust anyone who is leasing your property. Heck, I won't even rent to people I've known for years without an application filled out and a credit check. Good on you for doing the research that you do.