Re:Rent Collection - Posted by Sandy FL
Posted by Sandy FL on December 29, 1998 at 10:58:01:
Would that guy be H Roger Neal? What a coincidence
since I am reading his book (Streetwise Investing in Rental Housing)
Sandy :0)
Re: “Rent Collection” - Posted by Lucifer
Posted by Lucifer on December 29, 1998 at 11:46:48:
Phil;
I really enjoy all your ideas and responses to us newbies, one question I have is what is 'due diligence"? I have a few rentals, actually with veery little problems but the more I learn or know the better I can be at landlording
Thanks a million
Lucifer
Re: Different Strokes for Different folks - Posted by BankRobber
Posted by BankRobber on December 29, 1998 at 20:17:27:
I have tennats I have never met. I keep contact with my tennants at a minimum. My tennants seem to like it that way. They seem to become more self reliant. I am either lucky or repulsive. It takes a little getting used to, but after awhile you don’t sweat it if the rent is a couple of days late.
Re: “Rent Collection” - Posted by Tim (OH)
Posted by Tim (OH) on December 29, 1998 at 11:51:43:
I agree 1,000%. I have been a landlord for 14 years. I select my tenants based on:
- Their ability to pay
- Their willingness to pay
- Their suitablilty to the neighborhood (I lived there for 12 years).
I pick up the rent personally, every month, for EXACTLY the same reasons Jim outlined. They know I’m coming between the 1st and the 5th. I’m 6’-1 and 250 pounds and some people say I don’t look like someone you would want to “jerk around”. When I’m standing at the door, I have NEVER heard “Well, I don’t have it right now!”. I try to select carefully and develope a business relationship with my tenants, but I don’t think a couple hours a month is expensive to make sure I get my rent on time.
A side bar is that I DON’T MAKE MY TENANTS WAIT FOR ANY REPAIRS. They treat me right and I treat them right (not to mention maintaining the property maintains the VALUE, but they think I’m doing it FOR THEM). If I can’t make money by properly maintaning the properly, it’s time to get out.
Hope this (insight?) helps.
Tim
Re: “Rent Collection” - Posted by Sandy FL
Posted by Sandy FL on December 29, 1998 at 09:05:07:
Thanks Jim that is the kind of info I am talking about. I appreciate a glimpse into the midset of an obviously successful landlord. Your approach makes alot of sense.
In the interest of personal safety/comfort, I guess I would take a guy along with me on the monthly rounds. Heck even my handyman said he would do it for extra income. Then he could inspect for repairs needed too.
Sandy
Tenant pays for minor repairs - or not? - Posted by reif
Posted by reif on December 29, 1998 at 21:20:11:
I understand the philosophy of the tenant paying for minor repairs - but there is a downside.
What if the tenant doesn’t know how to make ‘minor’ repairs, and instead of paying for the plummer, the minor repair becomes major?
Or, the tenant attempts to do the repair himnself and hamburgers it up?
Sure, you could try and collect the extra money it costs to unscrew the problem, or toss them out, but is that worth it?
I don’t know the answer. Anyone out there have an opinion on the lesser (not lessor) of two evils?
Thanks,
Reif (Soon to be landlord - I think)
Re: “Rent Collection” - Posted by Jim_MA
Posted by Jim_MA on December 29, 1998 at 14:36:57:
Jeffery Taylor ‘Mr. Landlord’ has just this month, made a deal with a company that will handle automatic drafts. all suscribers are eligible for the discount rate. I am away from my office right now but the information should be available on his site mrlandlord.com
Re: “Rent Collection” - Posted by Jim_NC
Posted by Jim_NC on December 29, 1998 at 12:49:37:
The person you contact is Gerry Werhan @ (704)509-0549.
Give him a call and he will send you an information packet with all the stuff you need to know.
Re:Rent Collection - Posted by JHyre in Ohio
Posted by JHyre in Ohio on December 29, 1998 at 11:13:19:
Yes! I met Roger several times when I lived in Columbus. He’s very down to earth, a hell of a nice guy and actually did what he says he did. I took the liberty of examining some of his properties and the public records to confirm. I liked Streetwise. His flipping materials are not quite as good, but still well worth the price ($25 when I bought them). He does offer a “boot camp” as well, though I know little about it.
Re: “Rent Collection” - Posted by phil fernandez
Posted by phil fernandez on December 29, 1998 at 18:24:25:
Due diligence to me is basically checking things out. Verify employment, income, previous landlords, not just the last one, run a credit check. Maybe go to their residense unannounced to see how they keep their place.
Re: “Rent Collection” - Posted by Matt B
Posted by Matt B on December 29, 1998 at 12:31:47:
I will only comment on this from a tenant standpoint. First of all, I have learned a great deal from this thread, and am now actually considering pursuing rentals in about 6 months. Any way, I currently have a landlord who should perhaps read your post. For the past 3 years (!) the linoleum in my kitchen has been torn up so badly that I was ashamed to have comapny over. It had a long slit in it when I first moved in and a couple of small tears. These have of course grown to gaping holes over the years of simply being walked on. I offered to replace the linoleum many times and simply take the amount of the material itself out of the rent for that month. I was told repeatedly by my landlord that he would come out to fix it himself. After the first YEAR of being told this and nothing happening, I started complaining more often. I was always a good tenant and paid before the rent was due. I also wouldn’t call him unless it was an emergency. I handled plugged toilets and blown out pilot lights myself. His main excuse for a while was that he was tied up at work and couldn’t make it out to do the linoleum. Well, that excuse didn’t work any more after he retired, so gradually, the rent got later and later. After a while, he started calling and saying that his mortgage payment was due and he needed the rent money. I would ask when I could expect the new linoleum, and he then started saying that he would call his son to come over “some time soon” to put it in for him. I said “OK, the check’s in the mail!” (That’s a secret code that I don’t think anybody here can break.) After the rent started coming through to him at the end of the month instead of the beginning, he started showing up at the house to collect it. When I questioned him about the linoleum, no kidding, this guy for 6 straight MONTHS, pulled out his tape measure and measured the floor. I think it’s because I have “IDIOT” tattooed across my forehead! I have only endured this idiot since my fiance’s family is right down the street, and she did not want to move.
Somehow, after the rent started getting a month and a half behind, my landlord managed to scrape together the $30 for linoleum and put it in a couple of weeks ago. As a sign of appreciation, I “found” the rent money that had been “missing” for a month and a half, and mailed it to him. It is very lucky for him that he has someone who believes in keeping his end of a deal, and not the usual tenant who would probably never “find” the rent money after this run around.
Any way, thanks to everyone who posted suggestions here, I, as usual, have learned a great deal.
Re: “Rent Collection” - Posted by dave
Posted by dave on December 29, 1998 at 21:01:04:
i am supprized no one has suggested pre-addressed & stamped envelopes. making it conveinent to the tenant (our clients) is what makes it easy! dave
Re: Tenant pays for minor repairs - or not? - Posted by MilNC
Posted by MilNC on December 30, 1998 at 07:46:53:
Like most things, that can be worked out on an individual basis. I once rented a duplex with a friend, and she decided to empty a pot of stew down the toilet. She wasn’t irresponsible or non caring, just young, and unknowledgeable about these things She was a licensed professional, with excellent job and job history.I guess she was used to living in large complexes with turbo toilets, not septtic tanks.
One thing that would help is to make sure the water
cut-off valve to the toilet is not rusted shut and the tenant knows how to use it. Different strokes.