What the Kitchen Faucet Taught Me About How to Keep Great Tenants

Faucet

What the kitchen faucet taught me about how to keep great tenants By John Triplett, NationalREIA That late-night maintenance call I got a call last night from Jake – We will call him Jake for purposes of this blog – who handles the majority of the maintenance on my rental properties. My property manager usually just asks Jake to call me when a tenant reports a problem that involves a repair. I often cringe when Jake calls because I know there is always a cost…

7 Things Bad Landlords Don’t Do

Bad Landlord

Being a landlord is a tough and varied job. It requires the wearing of many different hats. A landlord has to be an accountant, a contractor, a guidance counselor and much, much more in order to be successful. Most landlords do a pretty good job at juggling all of these responsibilities. Unfortunately, there are a few bad landlords out that that make this already tough job even more difficult. These bad landlords get the courts involved in our business. They get code enforcement involved in…

Podcast – Investing In Multi-Family Properties with me, Kevin Perk

Podcast

I recently did a podcast with Curt Davis over at Investor Talk Radio on investing in multi-family properties. In the podcast Curt and I discuss several aspects of investing in multi-family properties, including how to get started, financing them, the risks and rewards and much, much more. Give it a listen here.

After the Fire, A Landlord’s Guide – The Insurance Adjuster

Firefighter

I had a major fire in one of my properties not too long ago. After getting the fire put out and taking care of the tenants I filed an insurance claim. I had to. My property was severely damaged and uninhabitable. Upon filing a claim, the first thing any insurance company does is send in an adjuster. The adjuster for my insurance company came out very quickly. He was there, inspecting my property just two days after the fire occurred. As I wrote last time,…

Why Periodic Property Inspections Are Important

Tenant Trashed House

This is why you, as a landlord, have to do periodic inspections of your properties. You cannot completely trust the screening process. Some people can look perfectly normal on the outside and in public, but their home life is a complete mess as the linked article demonstrates. Just because you never hear anything from a particular tenant does not mean that all is perfectly well. Most times it is, but it is best to verify. Do you think the tenant in the story above would…

The Anatomy of a Rehab – Part 3 – Finding Contractors

outside

In my previous posts I discussed how I went through and assessed what I needed to do to get the property rehabbed by using my Property Inspection Sheet and figuring out the budget. In this post I want to discuss hiring contractors. Contractors are an essential part of any real estate investor’s team, especially as you grow and expand your business. Sure, it is OK to do some or all of the work yourself when you are starting out (in fact I would recommend this…

The Anatomy of a Rehab – Part 1 – Assessing Needs

outside

As I wrote previously, I am in the process of doing a major rehab on one of my properties. The first step in any rehab process is to assess what you need to do. What needs to get fixed? Then you can get estimates and figure out costs to develop a rehab budget and hire contractors. To assess rehab needs, I have a very simple Property Inspection Sheet that I use to make sure I do not over look anything. I use this sheet when…

The Anatomy of a Rehab

outside

I have a property that I bought several years ago. When I bought it, the property came with tenants. Those tenants were happy to stay in the property and I was happy to let things ride for a while. I knew that whenever those tenants left, some major work would have to be done. Well, those tenants have just moved out and now we get to do a major rehab. Here are some pictures showing the property’s current condition.            …

Can I Paint My Apartment?

Can I Paint My Apartment?

We often have tenants ask us if they can paint or do other types of “improvements” to their apartments.  The short answer to that question is no.  We have experimented in the past with letting tenants do some painting or other improvements and for the most part it has ended badly.  I have found walls painted black, purple and other garish colors, colors that take three coats of primer just to cover up.  What’s more is everyone thinks they are a really good painter.  I…

Are You Prepared?

Ice Storm

So I am sitting here in Memphis the evening before a major ice storm is expected to hit.  We have been through one of these before, back in 94 an ice storm wrecked havoc in the city, shattering limbs, and knocking out power for days. As a landlord, these winter events can cause another types of havoc.  We have to worry about our properties.  Limbs can fall on roofs or even worse utility lines.  If utilities go out, you then begin to worry about freezing…

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