| n you are buying your first rental property and | | | | rent-able state. And dealing the whole time with |
| becoming a landlord, there is lots to learn. How do | | | | bitter, angry tenants is no fun either. |
| I find tenants? What should I charge for rent? | | | | How do you make your tenants happy? There's a |
| Should I update the places to get more rent? | | | | couple things we do. One is that we allow tenants |
| How do I tell the tenants they are late on rent? | | | | some flexibility with painting and decorating. 95% |
| I have read a lot about how you have rule with | | | | of the time, our tenants actually do wonders with |
| an iron fist to keep your tenants in line. Our | | | | our apartments and leave them with a better |
| philosophy is much more laid back, and it has | | | | style than we could have done ourselves. Many |
| worked out amazingly well for us. Every property | | | | times, we even get good ideas to carry over to |
| is different, but this was our experience. | | | | the other apartments to make them more |
| Our first rental investment property was | | | | marketable, like some basic drapes & |
| somewhere we would move into ourselves, and in | | | | mounted wine racks. We even had a tenant call |
| retrospect, that was an aspect more important | | | | us to ask if she could plant some flowers by her |
| than I would have guessed. There's many | | | | porch. We welcomed it. It was an indication that |
| decisions along the way, and being a potential | | | | she felt invested in the place and felt at home. Of |
| tenant yourself makes those decisions much | | | | course, I am not advising you let someone |
| clearer. | | | | remodel your kitchens... I am talking small things |
| First off, when it comes time to market your | | | | that are easily undone, but make the tenant feel |
| place, you are part of the target audience, so it is | | | | invested and at home. |
| easy to find the right place to advertise. Just ask | | | | Another thing to do to have happy tenants is to |
| yourself... how would we go about looking for a | | | | give them a sizable re-signing bonus when their |
| place? We actually mistakenly put costly | | | | leases end. And unless it is painfully needed, do |
| newspaper ads out initially, bringing in the | | | | not raise the rent, especially if the tenant is |
| completely wrong renters who were completely | | | | someone who pays on time and is easy to deal |
| not interested. Once we switched to advertising in | | | | with. We offer a $500 re-signing bonus each year |
| places we would look, 90% of the people who | | | | with rents at $800. It is almost a free month and |
| came were actually interested, the place would | | | | about the cost it would be for us to do a |
| rent faster, and the tenants were happy to be in | | | | make-ready, so it is good for us and them. |
| our place. | | | | Also, we do not rent our places at the maximum. |
| That leads to the next reason why buying | | | | We make them a somewhat good deal so that |
| something you would live in as your first rental | | | | many people will inquire, and so we have a better |
| property makes the landlord learning process so | | | | chance of a good fit that will be happy and stay |
| much easier. The tenants! These will be people | | | | long. We also do not overcharge because feeling |
| that you basically get along with because they like | | | | ripped off is one main reason a tenant will leave. |
| what you like, and if you meet them, they will | | | | We also treat our tenants with a lot of respect. |
| most likely like you, or they would not be renting | | | | We call them every time we enter their units, and |
| it. You will make sense to them, and they will | | | | if repairs take an extensive amount of time or |
| make sense to you. When you are at odds with | | | | hassle on their behalf, we give them some rent |
| your tenants, the whole interaction and | | | | back. We also maintain the property and do pest |
| experience can be painful, so getting along helps | | | | control. And we always answer their issues within |
| tremendously. | | | | a day, at least with a phone call. |
| Why, you say, should I care if my tenants are | | | | Becoming a landlord was definitely a learning |
| happy? Because everything is easier. They will | | | | experience. Everyone has their own style, and |
| more likely pay rent on time, respect & | | | | even different properties may prescribe a |
| keep your place in shape, and stay longer. Believe | | | | different style. Just be open to handling your |
| me, there is nothing like a completely wrecked | | | | rental property business (which is basically your |
| apartment by a short-term tenant. Sure you can | | | | tenants) with respect rather than the |
| charge money for damages, but it will still take | | | | stereotypical overbearing attitude. |
| time and be a hassle to get it back up to a | | | | |