Landlords reveal what advice they would tell a new investor if they asked about being a landlord now – (especially given the current state of affairs).

How Do I Survive Now?

  • Check your state and local laws carefully (particularly for various state and federal eviction restrictions and moratoriums.
  • Work alongside a seasoned landlord for one month as an unpaid intern. 
  • Screen potential tenants like your livelihood depends upon it, because it does depend on it.
  • Spend one hour every day reading landlording forums like MrLandlord.com/LandlordForum.
  • Create or modify your lease so that it covers EVERYTHING. Have a real estate attorney review it.
  • Don’t be in a hurry to buy a house, and don’t fall in love with the house you’re buying.
  • I also add my two cents: Right from the start, learn all you can about how to run a rental business (not just how to manage properties), AND put your trust in God.

 

Management Tips from MRLANDLORD.COM

(Shared by landlords nationwide)

Landlords reveal what advice they would tell a new investor if they asked about being a landlord now – (especially given the current state of affairs).

How Do I Survive Now?

  • Check your state and local laws carefully (particularly for various state and federal eviction restrictions and moratoriums.
  • Work alongside a seasoned landlord for one month as an unpaid intern. 
  • Screen potential tenants like your livelihood depends upon it, because it does depend on it.
  • Spend one hour every day reading landlording forums like MrLandlord.com/LandlordForum.
  • Create or modify your lease so that it covers EVERYTHING. Have a real estate attorney review it.
  • Don’t be in a hurry to buy a house, and don’t fall in love with the house you’re buying.
  • I also add my two cents: Right from the start, learn all you can about how to run a rental business (not just how to manage properties), AND put your trust in God.

Costume Rented My House Faster!

One landlord shared his experience of “staging” a property, and taking it to another level.

“I want to share my thoughts but first, a little about me! I have been an appraiser for 42 years, and an apartment owner for 36 years. With all that said, I am 100% convinced staging and beautiful video pictures of our homes is what Tony Robbins says – is the next level.

Again, with all that said, what about the next level of the next level? Do this: a year ago, I saw this example and I used it. It works wonders. In 2019, according to a NAR source, the example property in the United States had the ninth most Internet reviews in 2019. It was a property for sale where in several of the photographs there was a guy in a dinosaur costume. The first picture was the front of the house where the dinosaur was out mowing the lawn. In the second picture, a dinosaur was in the kitchen opening up the refrigerator drinking milk. In the third picture, the dinosaur was in the living room on the sofa watching TV. In the last picture, the guy in the dinosaur suit was on the rear patio by the grass, grilling hamburgers.

I tried this idea last Christmas 2019. I used a dinosaur suit and set up staging in my apartment. That was a slow time of the year to rent like in most parts of America. But I rented my apartment in two days! This is taking staging to the next level.”

Staging and Photos Make a Big Difference

Another landlord shared what they called a giant lesson about staging and photos. 

“I’ve owned a rental property that was a pain to rent out. It would stay empty for months between renters, even though the neighborhood was good, the house was good, and the price was great. It was like pulling teeth to get people to come and see it. Once I’d get it rented, tenants would stay for years, but no one wanted to come see it. I did not have good interior pictures, but I believed they were “good enough”.

Last month, I finally decided I was done messing with it and put it up for sale. We were thinking of a re-investment in Florida anyway. I remembered how hard it was to market, so I staged it first – with stuff from my own house. FIVE carloads of stuff. Lamps, chairs, tables, beds, bedding, rugs, paintings. When the MLS listing went up, it was scheduled 12 hours a day with showings. I got five offers over list price within 36 hours and sold it with no contingencies.

Why such a turnaround? I’ve got to believe it was the staging. My lesson learned was that when I’m having trouble attracting the right tenants, I need to haul over five carloads of stuff and stage the heck out of it. AND I need to take wide-angle photos. Beautiful photos make all the difference.”

Update Your Notices!

Several states have recently made law changes that have gone into effect this year, including mandatory wording that must now be included in either eviction, termination notices, leases, or all. This email is just to encourage you to make sure you do your research and get updated on any changes from a local attorney (that specializes in landlord-tenant law). Or you can get updated through your real estate association, landlord/real estate websites, or publications. 

Some states even now require landlords to inform residents of their option to fill out the CDC declaration form. And if any of these disclosures or requirements are not included, that can nullify your notice. You may have to re-issue or begin the eviction process all over again. 

Have Tenant Sign-Off Before Court

The following tip can be a financial lifesaver in addition to saving you tons of frustrations (especially during the current times). One of the regular contributors to MrLandlord, Sid (MO), went to court this week and briefly shared about his experience in court:

“My first (and only) court case of the year to date. Even in this C-19 world, with a little pre-trial talk, I was able to get a consent to a money judgment and writ of possession. This saved time doing a trial in front of the judge, and got everything we asked for.

My friend and mentor taught me that it’s better to work out a deal and get the tenant to sign off on what they owed versus leaving it up to the judge. Good advice!

 

The tips in this column are shared by regular contributors to the popular MrLandlord.com Q&A forum, by real estate authors and by Jeffrey Taylor, [email protected]. To receive a free sample of Mr. Landlord newsletter, call 1-800-950-2250 or visit their informative Q&A Forum at LandlordingAdvice.com, where you can ask landlording questions and seek advice of other landlords 24 hours a day.