3 Tips for Successful Landlording | Real Estate Investing
How does a landlord receive automatic payments
BEFORE the first of the month?
And what’s a “rent raffle” and how can it help get your
rental income get paid on time?
The answers to this and more is in the video above…
Enjoy!
Mark~
Tagged with: landlord , landlording , landlords , passive income , rent , rental income , rental property , tenant , tenants
How to Keep Good Tenants In Your Rental Properties
If you can get a portfolio of dirt cheap rental properties that generate monthly income, it can be like a windfall of positive cash flow every 30 days. Train your tenants to pay on time. Give them incentives like a $50 reduction. Praise them after a while because they are making your job easier.
Give them a gift certificate to the movies or ice cream. Give them a turkey for Thanksgiving, or gift certificates to dinner. People CRAVE appreciation…and they hardly ever get it.
You will not only feel good doing it, but they will become even more loyal to you by continueing to live up to your expectations.
Ask for referrals to see if they know anyone who wants to buy or sell a house. Since you’ve treated them so well, they will sing your praises.
This is what makes a happy business…and even happier life 
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HEADS UP… Want FREE COMPS for the next YEAR? Of course, who wouldn’t!
CLICK HERE and get the next Years worth of property valuations ABOSULTELY FREE!
Talk to you soon…
Mark~
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Tagged with: landlord , positive cash flow , real estate investing , rent incentive , rental property , tenants
3 Landlord Tips
Using these strategies you can become a more profitable and efficient landlord.
Real estate investing can become more enjoyable and predictable when you receive automatic rent payments by automatically having rent deducted from tenants bank accounts and deposited in yours.
And by having rent incentives to get paid on time and drawings for prizes for those tenants that comply, you help create a happy business you can be proud of.
Mark~
P.S. Here’s a video I just shot out in my pasture of my goat Ben and his pal Fonzie the horse…
Tagged with: incentives , landlord , Mark Walters , monthly , real estate investing , residual income , tenants , tips
Don’t Be A Penny Pinching Landlord
Most of us who are small real estate investors buying and renting single family homes are accustomed to making every dollar count. It’s that habit that causes us to make a silly decisions when we advertise a house for rent.
Just take a look at the Home For Rent classified section of your newspaper. You will see rows of two or three line ads that all seem to blend together in an uninspired glob. Yes, I know newspaper ads are expensive, but have you ever stopped to think how much a bland three line ad is really costing you? Let’s do some logical thinking about this penny pinching.
In our example will use a rental house where you have a monthly mortgage payment of $850. That includes principal, interest, taxes and insurance. You are offering the home for rent at $900 per month. If you divide your monthly mortgage payment by 30 you will realize that it is costing you $28.33 cents to own the home. That’s $198.33 per week. So every week that the house is vacant you are losing $198.33. Cutting two weeks from that vacancy will save your $396.66. If you are penny pinching with a little three line ad that fails to find a renter for weeks you are watching $198.33 fly out of your grasp every week. That’s when you should realize that it just makes good business sense to buy a nice big classified ad, which will give you the best chance of catching the eye of a renter the first time it runs.
Filling vacancies fast is the mark of a good investor. As soon as your current tenant gives you the required 30 day notice that he or she will vacate the property you must swing into action. Your goal should be to have a new tenant ready to move in the day the old one moves out. Do this…
1. Ask your current tenant if they know of any one who is looking for a rental. Ask them to spread the word among their friends and co-workers. If you have a good relationship with the tenant they should be willing to help you find a renter. Offer them a one or two hundred dollar reward if they find a new tenant for you before they move out.
2. Immediately put a For Rent sign on the property with flyers describing the property and the cost to rent. We have a page on our Web site for each property we own with inside and outside photos. Included on the page on room dimensions, and the location of nearby features like schools, hospitals, shopping, public transportation, etc. We include the Web site address on the For Rent sign and on the flyers.
3. We send a postcard announcing there will a rental available to the neighbors. They may have friends whom they would like to have live nearby. We offer a cash reward of one or two hundred dollars if we rent to someone they referrer to us before the current tenant leaves.
4. We pass out flyers to nearby businesses like barber shops, nail salons, dry cleaners, etc. We make the same cash reward offer to them as we do to the neighbors.
Penny pinchers don’t do things like that and they pay dearly for their mistake.
Tagged with: classified ad , find tenants , landlord , Mark Walters , Marketing , real estate investing , vacancy
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