Recently, I’ve been spending a lot of time thinking about how so much can affect the success or failure of landlords. Often it really does come down to one or two things.
Think of the laundry list of bad things you face day-to-day:
- Horrible Tenants
- Crappy property damage (big and small)
- Annoying property managers
- Not enough cash flow
- Late rent
- Poorly written leases and documents
The list could really go on and on and on.
However, I really believe all of these things and more can be in your control or at least managed.
I can feel you rolling your eyes, FYI.
But really, I believe, other than the massive fire or emergency situation, most of the everyday frustrations associated with owning a rental property can be handled. In fact, it’s kinda what we’ve bet our bottom dollar on.
7 ways landlords can turn bad things into good things
So let’s take all those “bad” things and talk about how we can turn them into good things.
- Good tenants can be found by using quality tenant screening and sticking to your rental standards. Never underestimate the power of a good checklist and making reference calls.
- Property damage big and small can be avoided or maintained by doing regular property inspections and making repairs when problems first arise. Remember, care for your rental like you do your body. Don’t ignore chest pains and then be surprised when you have a heart attack.
- Property managers are employed by you. So make sure you set your intentions, boundaries and expectations early. Granted they have their own methods and will expect some things from you but there is no reason y’all can’t get along. Here is some advice on property managers from a veteran investor and landlord.
- Welp… lack of cash flow is a problem. Consider running comps. Make sure your rental is priced appropriately. And consider using online tools to collect rent, take app fees and process other monies—it’ll free up funds faster.
- Late rent is the worst thing E.V.E.R.! Stick to your guns and enforce the late fees and consequences in your lease. These clauses are there to protect you, so use them!
- There is no excuse for faulty documents. ARPOLA provides a heap of them included in your membership. They are state specific and provided from US Legal. Have your own docs—hire a lawyer and make sure you update them regularly.
- Evictions happen. Enough said. Hire an attorney who will handle your case for a reasonable fee or if going it alone—make sure you understand the process in your state.
See! You can do it.