Tips for Being a Landlord – 25 Years at 100% Rental Occupancy

Tips for Being a Landlord – 25 Years at 100% Rental Occupancy

I’ve been a landlord for 25 years so I have some experience to back things up.  My tenants always pay the rent and I  can also count on one hand the times the rental checks has been late.  My tenants have returned the unit in good condition when they left.  I’ve never had the management call and complain about noise or other issues regarding a tenant.

In 25 years, I’ve also never had a vacant rental.  When a tenant leaves, I don’t have time to repaint or repair a lot of things.  My units flip over extremely fast.  My one luxury unit, rents the first time I show it.

How do I do it?

Being a landlord is a business and always remember that.  You are not “friends” with your tenants.  You have a professional relationship with them.  If you place a friend or a relative in your unit, be prepared for nonpayment of rent.

Everyone runs a credit check on prospective tenants.  This pretty much tells you if they pay their bills and if they have a police record and such.  Don’t forget to read the full report since a police record might be only a speeding ticket.  This is certainly not something you want to dismiss a tenant for.

I have always listed my rentals as no pets allowed.  I don’t want to deal with damage from pets to the floors, carpet, drapes, walls, doors, etc.  I’ve had a prospective tenant view my unit who suddenly came up with an old cat they owned.  No thank you.  I once allowed a mini bunny in the unit.  I didn’t realize that the bunny would not be caged. The bunny would relieve himself all over the carpet although the tenant complained of stains on the carpet.  When you allow a pet always expect that.  Fortunately, that was right before I changed out the carpet.  There are also too many allergies associated with pets.

The real secret is to select the tenant that you will get along with.  Take your time when choosing a tenant and don’t feel the rush just to rent the place.  Talk to each tenant before selection to see what kind of person they are.  You also only rent to the person you think is going to pay you every month.

Treat your tenants as you would like to be treated with respect and be sure to immediately take care of any repairs they report to you.  It is very important to keep good communication lines open.  I’ve had leaks which I repaired immediately so there was minimal damage to the downstairs’ unit.  If I like a tenant, I’ve been known to give a military discount and also a free pass on a couple of weeks.

As a landlord always expect the unexpected.  You might have to change the locks on the unit due to a tenant’s worries over an ex-wife.  You might find a dead squirrel in the storage bin.  A tenant might switch out the sink faucet and flood the downstairs unit.  People will lie to you about the number of people who will live in the unit.  They will also want to rent your unit if they have no money, job, or and are living at the homeless shelter.  I’ve also had to deal with mold, massive leaks, and flooded utility sheds.  You can, also, tell a tenant something and come back to find that they’ve done exactly what  you told them not to do. There was also the tenant who gave me six different move out dates and the smokers who rented a nonsmoking unit.

You just have to take it all in and learn to go with the flow.

Summing Up

I’ve had great tenants and it was a pleasure getting to know them.

If you’re lucky enough to become a landlord, know you’ve got an interesting and sometimes bumpy road ahead.