Start the ball rolling

Start the ball rolling

Start the ball rolling   Does this scenario sounds familiar?   Rent is due on the first and late after the fifth. After 5p.m. on the fifth, you send a letter of demand via email and a text that says the tenant needs to pay or move from the property by the ninth. If not, you’ll have to file dispossessory at court.   On the morning of the ninth you…

What can an in-home tell you?

What can an in-home tell you?

What can an in-home tell you?   I’m sure you have all heard the horror stories of some poor landlord who took the first person with money who came along and rented to them their nice, newly renovated rental home only to have it destroyed in a matter of months, right?   While that does happen, there’s something you can do as a landlord to limit and pretty much prevent…

Our first occupied sit-out

Our first occupied sit-out

Our first occupied sit-out   We recently had to do one of the most uncomfortable things I feel like a person has to do as a landlord. It’s called a sit-out.   If you don’t know what that is, a sit-out is the culmination of the dispossessory proceedings. It’s where the landlord has to go in and physically remove all of someone’s personal possessions from the interior of their property…

They think differently than we do

They think differently than we do

They think differently than we do   Ashley and I were out knocking the pre-foreclosure doors in Whitfield county yesterday. While we were there, we had an interesting experience that I would like to tell you about.   The first couple of houses we went to were your normal $125-140k house in nice neighborhoods. I say “normal” because that’s the price range that the average person lives in in our…

Why do an in-home interview?

Why do an in-home interview?

Why do an in-home interview?   We have three properties on market right now for rent, and the quality and amount of applications coming in is great. This is a stark difference from the craziness we experienced in late fall of last year. Then, we had 200 applications submitted for just one property. And of those, only 20 percent were filled out completely, but most of the applicants didn’t meet…

Enough is too much

Seven Houses till Sunday

Enough is too much   Rent is due on the first and late after the fifth of the month, according to most residential leases. On the sixth, a letter of demand should be issued to any tenant who has not paid. That letter should read something like this:   “Dear Mr. and Mrs. Tenant,   The purpose of the letter is to let you know that we did not receive…

Rehabbing rentals

Rehabbing rentals

Rehabbing rentals   It takes a different mindset to rehab a rental property than it does to remodel a flip property for resale. And the difference in landlords’ mentalities is vast.     Take what I saw on a Facebook advertisement recently where a landlord was advertising their freshly-renovated house. This thing was nice. I’m talking HGTV nice. The bathroom had custom tile on the floor and the tub surrounds….

What is better, notes or rentals?

What is better, notes or rentals?

What is better, notes or rentals?   If you’re like most investors, you have a renewed perspective on your business right now. That’s because you’ve just analyzed all your rentals, done an inventory of your cashflow and have gotten things ready to send to your CPA. We call this process our end-of-year review.   During this process you’re seeing what kind of cashflow your properties actually brought in. The reason…

Fighting for rental space

Fighting for rental space

Fighting for rental space   This year has been very strange as far as rentals go. First off, rent rates have skyrocketed. In 2018, we have seen two-bedroom, one-bath houses rent for as much as 3/2 floorplans were renting for just two years ago. With the spike in rent prices, odd things have started happening. For instance, we’ve had con artists trying rent people our houses.     In previous…

Tenants must be easy to work with

Tenants must be easy to work with

  So, we recently had tenant applicants do some things that were new to us. One walked out of the lease-up, and the other called us rude. Let me explain what happened and why each instance was actually good.   The first one happened on a Tuesday. We’d been trying to find the right tenant for a vacancy we have up in Dalton. We found some people who looked great…