Letter of demand

Letter of demand   Most landlords in our area have their residential leases set up so rent is due on the first and late after the fifth of each month. That scenario means that on the sixth of the month, a letter of demand should be issued to any tenant who has not paid. This letter is often referred to as a “pay or quit” letter, and it should read…

Explaining the four jobs of a tenant

Explaining the four jobs of a tenant   I’ve written to you many times about how we “hire” people to do the four jobs of a tenant. And I’ve said those fours jobs are the standard by which we choose our tenants and also how we decide to “fire” them when they’re not performing.   And just to remind you, the four jobs are: 1. Take care of the house….

Train, train and retrain your tenants

Train, train and retrain your tenants   I tend to be an open book, especially when I mess up, because it holds me accountable and helps me to learn from mistakes.   So, with that fact in mind, I’m going to tell you about something I messed up on with a rental, and then, I’ll tell you how we remedied it.   I got a little lax with doing inspections…

Learning new things at eviction court

Learning new things at eviction court   We are 0 for 2 in magistrate court this month. How’s that for starting a real estate investor column?   Truth be told, we didn’t lose both cases. They got dismissed. The first one, which took place about two weeks ago, I wrote about in “COVID, cabinets and courthouses.” But we had to go again for a different property this week.   During…

COVID, cabinets and courthouses

COVID, cabinets and courthouses   The effects of COVID-19 have reached many facets of our lives in 2020. On the real estate business level, they have has affected our purchasing capabilities — specifically how we’ve been able to purchase materials on our rehabs. It started out with 5/4 boards not being available for building decks. Then the shortage moved into other lumber areas before the eventual price increase on almost…

Cool it, buster

Cool it, buster   When you own rental property, there are a lot of expenses you should plan for. Most people understand making payments on their mortgage and property taxes monthly, but there are sporadic expenses you should be saving for monthly as well. They include things like vacancy and repairs. The savings we set aside for paying these costs is something we call a rental’s “expense factor.”   We…

Robbing Peter to pay Paul

Robbing Peter to pay Paul   We just had our first real hot days for this year, which means landlords are about to get calls about air conditioning not working properly.   Now, there are some normal things that can happen when central units go from being “off” during springtime to “on” full blast in the Georgia heat, and these typical malfunctions can hinder a unit’s ability to cool. But…

Money talks, but in-homes reveal

  Money talks, but in-homes reveal   Once upon a time, in land far, far away, Ashley and I bought a property in the township of Villanow — well it feels far away. But it’s really only about a 45-minute drive. Now, if you’re asking yourself where in the world Villanow is, many people share that sentiment when I bring it up.   Villanow is located in Walker County, Georgia…

Why do your renters need insurance?

Why do your renters need insurance?   I’ll never forget the story of my mother-in-law’s best friend. She was up in Ringgold when that tornado hit in 2011. She lived in a single-story apartment complex with easy access to town and the interstate. This was fantastic for her because she got lots of convenience without having to worry with any home or yard maintenance.   She was on the phone…

Application with push-button capability

Application with push-button capability   We’re about to see some things change dramatically in the way we market our rentals. Our normal procedure has been to go take pictures and videos of a property, upload them to Zillow’s Rent Manager and then use that link to post the property all over Facebook. We still put signs in the yards, but most of our calls come from online sources these days….