The Successful Landlord Blog

So I had a thought the other day about items which make my life as a landlord easier. Not all of them are super high-tech but they can come in really handy and save a lot of time when you need them.

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Kwikset SmartKey Lockset

This is one of the “higher tech” items. I have changed so many entry door locksets between tenants more times than I care to remember. These ingenious devices make that job a complete breeze. These locks can be “re-programmed” to accept a new key in about 30 seconds. So, if a tenant decides that they’re moving out and taking the keys with them. It’s not a problem, except trying to collect the appropriate fees that is.

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A Good Bolt Cutter

This can be an indispensable tool for when tenants decide to chain or lock things that they’re not supposed to. I’ve had tenants chain a tire to a tree branch to make a swing for their kids and then… leave without removing it.

I’ve also had tenants lock a storage shed containing all their junk belongings…and you guessed it..break the lease without taking it with them. Read the rest of this entry »

Keeping records for a business is usually a must what with draconian government agencies like the US Internal Revenue Service constantly breathing down our collective necks. However, record keeping becomes a necessity for other reasons as well.

Recently, I had a tenant contact me to tell me that her ex-husband had temporarily stopped paying her child support due to an injury and please could she pay the rent late including late fees. I agreed.

Two months down the road, I expected an amount including current month’s rent and late fees for the last two months. Well I received an amount, but it was short. It was less than $100 short but still, no explanation followed. This seems to be happening a lot recently with certain tenants. They will send in an amount that is less than the amount they owe and wait to see what I do about it. Read the rest of this entry »

I recently read a blog post about enabling tenants to interact with you, the landlord, in a ’self service’ sort of way. This blog post espoused the benefits (cost and otherwise) of providing tenants more than one way to make contact in order to place a maintenance request, for instance.

The blog post suggests a scenario where the the tenant logs into a web site where she places a maintenance request and is updated every step of the way during the maintenance process (processing, scheduling, completion, etc.) via email thereby eliminating phone calls which are, according to the blog post, more expensive to process.

This idea sounds really good in theory but I seriously doubt that it works very well in practice. In my experience, tenants feel more confident that you got the message when they’ve left a phone message. Read the rest of this entry »

Last month, while having lunch with an old friend, we had a discussion about the merits of buying condo units as a real estate rental investment. Having been a condo owner in the past, I can positively say that I will never do that again.

This subject could easily fill a book, so here are my reasons in bullet-point form:

• Too many complaints from neighbors. Tenants usually only sign a year lease so if they annoy their neighbors, they can simply move. The neighbors then transfer their frustration and annoyance to the landlord.
• Condo Associations. If you like to invest by committee, condos are for you. Don’t want to afford that fat assessment to resurface the parking lot right now? Too bad. Pay up.
• Condo Commandos. These people are usually retired and have nothing to do all day. Nothing, except get all up in your business that is. They feel that you as a landlord are devaluing their property by renting your unit and they won’t let you forget it. Read the rest of this entry »