Over the years I have gotten some excellent advise and tips on how to more efficiently (= better returns) rental units. This past year I have learned some things that have made me a better landlord.
Probably the most critical is finding the right tenants for the right unit. How many times have you heard, “I can afford XXX per month” when the combined household income is twice that amount GROSS. You will end up evicting them usually fairly quickly. I spend real time with applicants and insist on meeting the entire family including pets. I explain my rules, expectations, limits and exactly what to expect if rent isn’t paid by the fifth of the month (due on first, late on fifth). I give them the option of dropping off rent at the office, my home or my Bank. Seems fairly routine right? Well I am ashamed to say I never did this until april of last year when my turnover was 50% or higher and vacancy was 30% in the Park, 20% mobiles on land.
I’ve added two this year and one is already rented and one is being advertised now. My new motto is better empty than wrong tenants. I have fix up tips I can share, repair partnerships, etc but this was so much more important…I started treating rentals as a business and not with disdain. This was HUGE and put me in the black (or as Bernd would say Paradisio lol I read Dante too)
Rentlas are tough work…any useful tips people? I’m not trying to waste folks time or fill screen…I’m humbly asking for advise to make me a better landlord.