27 Landlord “Never Agains”

 Once a landlord has been in business a while and learned a few things “the hard way” there often comes a point where he or she stops and makes the declaration, “NEVER AGAIN!” Well, the following is a list of those shared by landlords nationwide to help them avoid very costly problems in 2013.    

 1. Never again think of this landlord thing as anything but a business and treat it like that.  

2. Never again think that existing rents are low because the current owner is renting to scumbag lowlifes. In case you wonder, renting to scumbag lowlifes actually commands higher rents since there are fewer options for them. Think about it, anyone will rent to someone with good credit and no criminal past. I won’t make that mistake again in thinking that after buying a place, I can clean up and rent it for more without having a complete understanding of market rents.

Once a landlord has learned a few things “the hard way”, he or she stops and makes the declaration, “NEVER AGAIN!”

Here is a list of those shared by landlords nationwide to help them avoid very costly problems in 2013.    

3. Never again buy a place that rents just cover the payments.

4. Never again buy a place without measuring the square footage to compare against the listed square footage.

5. Never again plan to contribute my own labor for free when estimating fix-up costs because I don’t have enough cash to pay someone else to do the fix-up.

6. Never again bet on appreciation or buy a property that does not make me money from the get go.

7. Never again buy in an area I don’t know because the price looks good compared to what I do know.  

8. Never again rent to someone who makes derogatory comments about the rental when they see it for the first time.

9. Never again believe anything that comes out of the mouth of a City Employee about a property I own or am about to purchase without checking it out for myself.

10. Never again hold the baby of a prospective resident while they look at a property or fill out an application.  How can you throw a baby out after holding it?

11. “Never again…” (breathing quietly and resolutely with my teeth firmly clenched for no one to hear but me) “…will I allow someone else (a boss) to determine my income, thus my lifestyle, and control my time with my children.

12. Never again believe I can’t be successful at something just because EVERYONE says it won’t work. Like being a landlord for example.

13. Never again believe because I made a mistake today I can’t do better tomorrow. Keep believing in your dream. If we did not fall down, we would never learn to walk.

14. Never again believe I have to go at it alone – because there are so many willing to freely give of their knowledge just because I asked for help.  Help I received at [AOA] and LandlordingAdvice.com.         

 15. Never again go against my gut feeling.

16. Never again pay workers by the hour.

17. Never again pick up rent in person or allow it to be mailed – autodrafts or direct deposit only!

18. Never again give up the keys before having the cash and contract signed.

19. Never again rent to someone who sees the house for the first time, pulls out a wad of cash, and says, “I’ll take it!” without screening them first.

20. Never again rent to someone who has nothing but negative things to say about their current landlord.

21. Never again accept a deposit paid for anything but collected funds.

22. Never again “hold” an empty unit for anything longer than two weeks.

23. Never again ask a resident casually, “How’s everything going at the apartment?” Ha-ha, nothing good will ever come from asking a resident THAT question!!!  

24. Never again rent to family/ friends.

25. Never again install carpet in a rental. NEVER!!

26. Never again NOT do a background check on a sweet old lady that turned out to have a felony for selling prescription drugs!! Sort of a happy ending though – she’s been with me for five years. Quiet and always paid on time.

 27. Never again think that simply because we have a signed lease, the place is rented for a year.  I must also utilize smart resident retention strategies.    

The above tips are shared by regular contributors to the popular MrLandlord.com Q and A forum. To receive a free sample of Mr. Landlord newsletter, call 1-800-950-2250 or visit their informative Q&A Forum at www.LandlordingAdvice.com, where you can ask landlording questions and seek the advice of other rental owners 24 hours a day.

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