Nightmare Tenant Stories
Posted on May 30th, 2008 by Purva Brown
What stories do landlords tell around the campfire? Maybe some of these.
New Resource for Landlords
Posted on April 10th, 2008 by Purva Brown
I heard about it the other day - a fairly inexpensive resource a landlord can now use to do background checks on tenants. Of course, you still want to let them know and get permission - same as you do for a credit check - but here’s a new one: it’s at Public Data For just $25 a year, you get to check on your tenant applications and pull up their history. Pretty helpful.
Of course, you don’t want to substitute this for credit checks, because even though they don’t have a criminal record, they could still have a bad history of payments. Go find a mortgage broker who will pull credit files for you with payments - it shouldn’t cost more than $18.00 the last I checked.
These checks into tenant history are invaluable and should not be overlooked by landlords that do it themselves!
Disturbing Landlord Behavior Noticed
Posted on March 18th, 2008 by Purva Brown
Lately, I’ve come across some pretty disturbing questions regarding landlords who rent out their properties even after defaulting on their mortgages and getting a notice of default in the mail. The tenants, who usually do not find out until the trustee’s sale is announced, continue to pay the rent to the landlords.
This makes me sick. While there is no law against this that I know of, the behavior of the landlords is despicable to say the least. How easy would it be to just send the tenants a letter saying the mortgage is in default and they need to start looking for another property? If they continue to stay, their time there is limited and they should continue to pay the rent until they leave.
I wonder if it is this behavior on the part of the landlords that make tenants think stealing things like light fixtures on the way out or just skipping out on a lease is okay.
Landlord Land Mines gets its First Review!
Posted on March 17th, 2008 by Purva Brown
Yay! We have a review:
“As a real estate investor herself, Purva and her husband, James, went through their share of landlord horror stories. Landlord Land Mines is the book Purva wished they’d had when had when they were getting started. Landlord Land Mines is written both from her own experience and from the experience of many other landlords who she interviewed for the book.
“Forget the theory and the spreadsheets — Landlord Land Mines puts together decades of collective experience and stories from real investors, who teach you what you need to know and what you need to avoid.”
This one was written by John Lockwood on his writing blog.
My Christmas Gift to my Ex-Tenants
Posted on December 4th, 2007 by Purva Brown
Now, I’m not a mean landlord. My tenants can give testimony to that. But the last time, we had two different rentals that were vacant at a most inopportune time because we had to evict both tenants for non-payment of rent. Just how do you manage to rent a place in the middle of summer, sign a lease for a year and then skip out on it just as the days are getting colder and the holidays are approaching?!?
So online I went, researching “report tenants to credit bureaus” (good ole Google!) and came across this site of the Landlord Protection Agency.
And today, I’m reporting them all to collections.
I’m sure they’re having a very merry Christmas with my money!
Landlords - Rent Billing Time
Posted on November 22nd, 2007 by Purva Brown
By the way, Happy Thanksgiving. But don’t forget to bill your tenants with the holiday madness…
It’s time. You should be sending a bill to your rentals today to ensure prompt payment of your rent. The statement should include the following:
- when rent is due
- when rent is late
- what the fine is for the rent being late
- what form to make the payment in
- where to send it.
It doesn’t hurt to have a return envelope with the statement with your address on it. Log that you have sent out this statement in your rental logs.
I know, I know. You’re saying most of these things are in the month-to-month or lease agreement you have signed with the tenants. But most of them have not been read, so remind them. Today.
And have a good December!
First Submission for Landlord Landmines Received!
Posted on November 7th, 2007 by Purva Brown
Well actually, the submission was received a while ago, but I guess that’s what happens when your properties are rented - you get lazy, or just terribly involved in a million other projects.
But I want to extend a thank-you to Bruce Sutherland who blogs at www.Landlord-Success.com for his submission and willingness to answer questions for novice investors, should you have any.
Do you have a story or incident you would like to submit for inclusion in the upcoming e-book? Please do so by emailing me at purvabrown@msn.com
To Find a Tenant
Posted on November 2nd, 2007 by Purva Brown
From personal experience, signs posted in front of a home will probably get more calls than newspaper advertising. Just recently, I had bemoaned the fact that both my rentals were vacant. Happily, they’re both rented now and the odd part is they were almost both rented with just one sign in the front yard of the one that was vacated first.
However, it never hurts to use online free advertising like Craigslist, especially if used in conjunction with VFlyer.
Shameless Plug and Call for Submissions
Posted on November 2nd, 2007 by Purva Brown
Okay, I’ll be completely honest. I started this blog with the hope of having a blog completely related to landlording and not just in Sacramento. My other blog relates more to real estate in Sacramento and the surrounding areas. Somewhere along the line, most Realtors acquire property and become landlords. So did I. Over time, my interest in it increased and now I hate not being able to buy a rental if I see a good one! Especially in this market.
So, I’m doing the next best thing. I’m writing an e-book about advice for landlords. A book on how not to screw up landlording, if you will. And I’ve been talking with people that have been successful at acquiring rentals and maintaining them. I have learned a lot.
So, if you have any stories you would like to submit, please feel free to comment. I’d love to include your experience into the e-book. Oh, and when it does come out, be sure to buy it. It’ll be pretty inexpensive for the advice it contains.
No, really.
Welcome!
Posted on November 2nd, 2007 by Purva Brown
If I asked you what the most important relationships in your life are, I would imagine you would mention your families. But if I asked you what the most important wealth-building relationships in your life are, after mentioning your tax preparer, your attorney, your Realtor, and so on, would you mention your tenants?
Yes, you read that right.
Your tenants are important to your wealth-building strategy as a landlord. Get the right ones and nurture the relationship and you will have years of success. Get the wrong ones, and well, you know.
Here I will give you tips on getting the right tenants, avoiding the wrong ones and watch for some pitfalls along the way. So stop by for tips, news, and other investment advice for landlords. You will find resources for landlords and other hard-earned lessons from me and others like me. So you don’t have to repeat the same mistakes.
Lucky you.
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