So help me understand how this happens. You have a house. You want to buy a bigger one. You do. But then you can’t sell your first house. So you decide to rent out your first house. Lots of people are doing it. So far, so good, right? And actually it is. Right up to the point where you decide NOT to do a proper background check on the tenant prospects.
Category: Landlording
Are You Rejecting Tenants? Then STOP!
This is a post I received from MrLandlord.com on tenant screening. This is the best idea I have heard yet on how to handle the potentially touchy subject of tenant prospect rejections. If you’re not already on his mailing list you can do so by going to his site here: http://www.mrlandlord.com/7/index.html DO NOT REJECT ANYONE! The same successful landlord who last week encouraged us to AVOID THE DRAMA, also recently revealed his method for how…
Beware Of – The BOYFRIEND Disorder!
Since I’ve been renting houses now for several years I’ve seen this a bunch of times. I call it – “The Boyfriend Disorder”. When I first experienced it I shook my head and wondered what was happening. Now I can see it coming a mile away. I wish though that I could see it coming before I drive all the way over to show a house! What is “The Boyfriend Disorder”? It’s when a single…
Just Say NO To Property Management!
Why? Because it sucks big time. Call me Captain Obvious, but I just recently came to this conclusion. Let’s look at how it works. You hire a company to “manage” your rental house. They’re supposed to collect rent, pay expenses like insurance and property taxes, and make sure that the necessary repairs and maintenance, including preventative maintenance gets done. And for single family houses in my market, the going rate for this type of property…
Section 8 Sucks
Yeah I know. You’ve heard all about what a great program this is. I know that I hear newbie real estate investors hyperventilating all the time about how “the government is going to pay the rent!!!â€. Well there’s no such thing as a free lunch Sparky. When I got started in this business six years ago I didn’t really have a clue as to what Section 8 was. All I could recall was hearing horror…
Michigan Real Estate Investing TV: Forced Saving Makes You Rich
This is a follow up to the post I did yesterday on the necessity of having rental properties if you have a day job and don’t get all the Federal and State income taxes back that you pay. I buy another cash flow property with my windfall. Think about what doing the same thing over the course of several years could do for your retirement – and your legacy?