Better Landlording

(Blog and Educational Content)

June 8, 2015

Diary of the Accidental Landlord - Part 5

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Part 5: Setting rent amount & Vacancyphobia

Figuring out how much to charge in rent is one of the most difficult decisions to make for any landlord, but for the inexperienced – look out! In my conversations with landlords, especially accidental ones, a common pattern emerges and it is a very, very costly one.

What do most landlords do?

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June 4, 2015

Diary of the Accidental Landlord - Part 4

Part 4: This is a long term decision.

Your world changes in many ways the minute you sign that lease of your once personal home. There are legal, taxes, liability, insurance and of course, financial differences of which many are long term in nature and some may have an immediately adverse impact on your personal balance sheet.

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June 3, 2015

Diary of the Accidental Landlord - Part 3

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Part 3: Self-managing without losing your mind.

Very few accidental landlords that still live in the area can afford to devote up to 10% to a property manager to run their units, especially those under water. But what if you’re not prepared for all the challenges that face the manager, what can you do?

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June 2, 2015

Diary of the Accidental Landlord - Part 2

Part 2: Never rent to friends!

In all my conversations with incidental landlords, one topic always get the blood boiling – renting to your friends (should I say former friends). It seems like a reasonable thing to do at the time. You are the references after all. You’ve seen how they live. Why not? What could go wrong?

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June 1, 2015

Diary of the Accidental Landlord - Part 1

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Part 1: How did I get here?

I didn’t attend some get rich with real estate workshop or having rental property as part of my portfolio, yet here I sit – a Landlord. I don’t want to be a “landlord,” do I? With all the stereotypes of a landlord bouncing in our minds from tv and movies, that’s just not me.

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May 29, 2015

Landlording Hell - Part 5

Part 5: No show showings.

In our experience, mostly in the lower income space, almost 50% of the people that set appointments to see a home will “show”. This is a horrible waste of time and a huge stressor to any landlord. There are a two types of no-shows that every landlord needs to pay careful attention to as their presence may signify a defect on your end.

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May 28, 2015

Landlording Hell - Part 4

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Part 4: Answering the vacancy calls.

Not receiving rent on a vacant unit hurts the wallet, but having to answer calls from prospective tenants can drive you crazy and put you in legal peril. There are so many reasons these calls get under your skin, let’s count the ways.

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May 27, 2015

Landlording Hell - Part 3

Part 3: Being caught in the middle of repairs.

Most landlords own less than 5 units, with a very large percentage owning only one – usually the home they moved from but didn’t sell. Many of these newly minted business owners have not spent years mastering home repairs, you are lawyers, doctors, sales people, teachers and everything else under the sun.

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May 26, 2015

Landlording Hell - Part 2

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Part 2: Chasing Rent Checks

It’s the first of the month, not a big surprise – happens every four weeks or so.

Then why is it that your tenants don’t seem to remember?
They didn’t forget, they just know you’ll wait. Why? Let’s count the ways.

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May 22, 2015

Landlording Hell - Part 1

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Part 1: Exposing my personal phone number.

Is there anything worse than grabbing that sharpie and write your personal cell or home phone number on a yard sign? Even scarier to post your number on Craigslist!

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