2nd November 2008

Some Great Landlord Advice

A couple of weekends ago I had the good fortune to talk with a friend’s dad who is a veteran of the landlord business. This guy owns 175 units in Lake Worth, Florida and has been a landlord, as well as being in other businesses he started, for many years.

The conversation started out with me lamenting the fact that the economy is totally putting a damper on my rental business and that I thought that with scale (more rental units) things would be better. It turns out that his vacancy rate is not much different than mine which was kind of comforting. By the way, another landlord friend in West Palm Beach, FL also mentioned that her vacancy rate was lower but said that hardly any of her tenants were paying on time and in short, she is having to do a lot more work to maintain her business. Also comforting to know that I’m not alone.

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