How to get a quality tenant

How to get a quality tenant

  I’m often asked how I’ve learned to successfully manage rental property. You see, every landlord takes a course in property management, either via the school of hard knocks, or from a good teacher.   I was blessed to learn my property management system from two great teachers, Bill Cook and David Tilney. And because of their philosophies and strategies, we have a track record of getting great tenants who…

The Proctor Doctor

The Proctor Doctor

  I’m a firm believer in chiropractors, and I’ve been going to them since I was 5 years old. During that time, I have witnessed them do some remarkable things. I’ve seen them break fevers, stop vertigo, heal migraines and much more.   One of the biggest of these things happened to me in Calhoun with Doctor Max Proctor. When I was 16, I was diagnosed with tendonitis in my…

Why master leasing makes sense

Why master leasing makes sense

  Last week I talked about how repairs on rental property you own can kill your cashflow. So far this year, our rental repairs have consisted of three field lines, one roof, lots of AC calls, a water heater, a water main and a big subfloor repair. All these amounted to about $30,000 in out-of-pocket expense.   Think about that number for a second. If you had $30,000 in repairs,…

A tale of two rentals

A tale of two rentals

    Many people make the claim that owning rental property is the best way to get out of the rat race and achieve long-term financial success. I happen to be a proponent of rental property. That being said, I’d like to challenge the above statement and see if it’s completely true. I will do that with a tale of two rentals; both scenarios took place last weekend.   It…

Mold is a four letter word

Mold is a four letter word

  If you’re in real estate in Georgia, chances are you’ve heard someone talk about black mold. Most of the time it’s a potential tenant complaining about their current landlord, how he doesn’t fix anything and that there’s black mold all over the property.   As and aside, here a word to the wise: Stay away from tenants like that. It’s not always the case, but most of the time…

Can you make money without money in real estate?

Can you make money without money in real estate?

  The other day I was reading a forum discussing myths in real estate investing. One of the contributors said the phrase “it doesn’t take money to make money” is the biggest myth in real estate investing today.   I disagreed with the contributor from the standpoint of personal experience; Ashley and I had no money when we started. We were broke kids, straight out of college, with a ton…

Land lording: call of doody

Land lording: call of doody

  This has been the year of the septic system. So far we’ve put in three sets of field lines and had to learn what not to do on a lower pressure drip system. (After owning one for four years, we learned they have a filter that was supposed to be cleaned every six months. Not doing so overpressurized the low pressure system and literally blew holes in the yard….

Why you should rent-to-own

Why you should rent-to-own

  It’s my opinion that in today’s market, landlords should be offering all their rentals as rent-to-own. In this deal structure, a tenant buys the right to purchase the landlords property, for a predetermined price and time frame, all while renting the house. It’s also called a lease option.   So what makes this deal structure attractive? First, you’ll get market- or above- rent rates. That’s because the number of…

Forget leaky toilets, we’ve got a squirrel!

Forget leaky toilets, we’ve got a squirrel!

  You often hear tired landlords complaining of midnight calls from their tenants about leaky toilets. We’ve never experienced those calls. That’s because our tenants know that if they call after 5 p.m., they’ll get a response the next day- unless it’s an emergency of course. We’ve received a couple of those late-night calls for things like busted water mains, but they’ve been few and far between.   The issue…

Does your paycheck give you freedom?

Does your paycheck give you freedom?

  As I write this I’m 15,000 feet in the air, courtesy of Delta Airlines, somewhere between Atlanta and Springfield, Mo. I’m on my way to go see one of the strongest and bravest people I know. Her name is Kaleigh, and she’s my little sister.   What makes Kaleigh so brave you might ask? She’s fearless. Well that’s not true. She frets on the inside just as badly as…