NPR just posted this short recording clip containing some new conclusions on Rental Rates and, more importantly, Tenant Behavioral patterns. Take a listen as it’s music to your ears as a Landlord and Real Estate Investor. It’s barely 4 minutes long but it’s jam packed with nuggets of knowledge. The retirement to the beach just got a lot closer, folks. If you are not aware of what your portfolio pricing should be, please get aware. Golden opportunities like this don’t come around often in investing cycles. Here’s the link: http://www.npr.org/player/embed/487470787/487522888?sf31908941=1 Your Financial Freedom awaits….
So a friend asked me yesterday about my Big Why….“Why did I recently announce that I am writing a book about property management and leasing and rentals? Especially when nobody reads anymore these days.” (He’s an Asshole like that…but he’s also a good friend who knows me well.) Here the synopsis of my answer in a stream of consciousness during the phone call. When I was done rambling, he said,”Yeah, that makes a whole lot of sense. Never heard anyone put it like that before….” “You know, there’s days in my job where I get F’ing tired of having to un-F*** the shit that landlords put up with from their management companies or worse that they bring upon themselves. I’m the one that has to make the sucky phone calls to these people and tell them we have no good news for them, it sucks, and there’s no magic wand […]
Your Financial Freedom with rental properties is achieved by improving your margins for continuous profitability. This improvement should include how to instruct your tenants on best practices to clean up the “Whoopsies” they make or perhaps their pets make. I asked one of my favorite contractors to do a quick write up on what he tells his customers on how to handle spills and such. Here’s the advice from Todd Francis, Owner of First Serve Cleaning and Restoration. “One of the most common mistakes we see that homeowner’s make is Scrubbing carpet to get a spot out. They think “if I just scrub a little bit harder-put some elbow grease into it, maybe just maybe this spot will come out”. What you will end up with is a section of carpet that is damaged as a result of your scrubbing and more than likely the spot will still be […]
A common question from my clients is “My Tenant just declared bankruptcy and I got the notice in the mail today. What does this mean for me as the landlord/property manager/investor?” Here’s a single page, well-written explanation from this month’s National Association of Residential Property Managers (NARPM) magazine of what to do/what not to do. Landlord Loses Because Tenant Went Bust, Broke, and Bankrupt As with other legal issues, it’s best to seek counsel from an attorney in your state/city who deals with these issues in their primary practice. Why subscribe to our weekly tips? Because…..
So yesterday I posed this hypothetical question of: “What would you do if your Tenant was incapacitated and a friend of theirs needs access to the property to pick things up?” (http://danbaldini.com/2016/07/08/in-case-of-emergency/) If your lease agreement doesn’t contain specific language and data to address this situation, you as the landlord or property manager are in a tough spot. Do you deny access to the friend or do you allow him access to the tenant’s personal property? How do you know he isn’t a scam artist? How do you know he is not perhaps an identify thief who happens to know the tenant is traveling out of the country and unreadable for a few more weeks? Fact is, unless you have protocols in place prior to this event happening, you simply don’t know and you are unprepared to deal with it appropriately. Not a fun position to be in, is it? […]
Run rental properties long enough and it will happen to you. You rent to a wonderful person who pays their rent on time each month, never complains, and keeps the property spotless. I’m talking a true breath of fresh air. Ahhhhhhhhh……… Then, all of a sudden, she misses the rent payment. Weird, huh? She’s never missed a payment. So like a good landlord or property manager you call her and you get voicemail. Two days go by without any return call. Completely not like her. You send her an email. No response. You send her a text message. Still zero communication. Now a bit of panic starts to set in. You leave her another voicemail saying you’d like to stop by to talk with her on Thursday after work. Your mind starts wandering thinking things like “Did she move out in the middle of the night and just not tell […]
Our Constitutional Republic just celebrated the 240th Anniversary of Freedom yesterday. Assuming you celebrated and still have all your appendages from shooting off fireworks, it’s back to the daily grind of working on your Financial Freedom. I’d like to throw this question out there for comment: What ONE thing could you do this month that would put you a step closer to your Financial Freedom? Just like you, I get sidetracked and bombarded with the Urgent but Not Important issues in my daily activities. This simple question keeps me grounded and gets me refocused on my Financial Freedom. Sometimes the answer for me is as simple as shutting off my Outlook notification on the computer so I don’t get distracted when working on a project with incoming emails. Other times, it’s asking my insurance agent to pull together new numbers on our properties policies. And other times, it’s scrolling through […]