The Landlord Liaison

Have you ever had more vacancies than you could handle at one time? Were any of those tenants slow-payers before they became no-payers and moved out or were evicted?  As landlords, we should ALWAYS be actively managing our vacancy rates.  My rule for managing vacancies with slow-pay tenants is to create the vacancy on MY terms.  Don’t wait for the slow-payers to become no-payers; you just might end up with 3 or 4 vacant units at one time.  Manage your tenancy by slowly and methodically moving out the slow-pay tenants and replacing them with more stable tenants who are able and willing to pay on-time.  Examine your rent rolls.  Find the tenants that need to be “fazed-out”, and replace them before they become no-pay tenants that leave owing you months of rent.  Happy Renting!

Filed under: Landlord/Tenant by BrokerOwner
Tags: « eviction - management - rent rolls - slow pay - Tenant - Tenants - Vacancy Rate »
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Have you ever had a tenant move out in the middle of the night?  No warning, no call, NOTHING… Well this can be very frustrating or even scary if you NEED the rent to pay your mortgage.  My first piece of advice is don’t panic.  Don’t focus on the anger and frustration of the situation; instead, focus on the solution.  Get the property re-rented ASAP!  Immediately work to get your property ready for the new tenants.  Go over and inspect the unit to get an accurate repair list ready, call your contractor to schedule an appointment for an estimate, get the utilities turned on if needed, put a for rent sign in the front yard, run an ad in the local paper, Greensheet or Penny Saver, and for heaven’s sake don’t forget to file for an eviction.  Remember, don’t focus on the problem; focus on the solution. Happy Renting!

Filed under: Landlord/Tenant by BrokerOwner
Tags: « eviction - Move-out - re-rent - repair list - Tenants »
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Landlords always want to know how to stop tenants from making late payments.  Well, the answer is easy… just never let the start making late payments, and you won’t ever have to worry about how to stop them.   Easier said than done?  Not really.  The best way to manage your tenants is to make them follow the rules of your lease.  If rent is not paid by the due date ALWAYS post your Notice to Vacate immediately, and never waive late fees; this is a MUST!  If you want your tenants to take you seriously, you must be serious, fair and professional.  I once had a tenant tell me that they paid their utility bill instead of paying their rent.  I later asked myself what the differences were between me and the utility company, and came up with one word. CUTOFF! Landlords can’t cutoff, but we can evict.  Eviction is our tool and it should be used when necessary. Happy Renting!

Filed under: Landlord/Tenant by BrokerOwner
Tags: « eviction - notice to vacate - rent - rental payment - Tenant - tenant late payment »
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The old adage “an ounce of prevention is worth a pound of cure” is true for Real Estate also, and tenant screening is our “ounce of prevention”.  The best way to make sure you get great tenants is to SCREEN THEM, but the  biggest mistake most landlords make is NOT screening their tenants.  To become a successful landlord, you need to screen tenants for evictions and outstanding judgements, have minimum acceptable credit scores, and have a minimum income requirement (usually 3x the rent).  As a young landlord, I struggled with the tenant screening process, until I discovered the “National Association of Independent Landlords” (NAIL).  They offered tenant screening, forms and credit reporting services for a low annual fee.  I am forever grateful for their service, and I suggest all landlords use a service like theirs, so you know who you’re renting to.  Screen your tenants…  Happy Renting!

Filed under: Landlord/Tenant by BrokerOwner
Tags: « NAIL - National Association of Independent Landlords - Screen - Tenant Screening »
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I know it sounds too good to be true, but it’s NOT… REALLY! So here’s the scenario. You have a tenant who has not paid rent, and you know that you will likely NEVER get paid. Well, if your lease is written correctly, you should be able to seize personal property (check your state’s property code) for unpaid rents. The Texas Property Code allows a landlord’s lien to be attached to all “non-exempt” personal property.  Be sure that you leave a detailed notice in a conspicuous location with the model and serial numbers of all items removed.  Also, make sure you can remove the property without “breaching the peace”.  -Happy Renting!

Filed under: Landlord/Tenant by BrokerOwner
Tags: « landlord lien - landlord's lien - non exempt property - personal property - texas property code - unpaid rent »
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I’d like to introduce myself.  You can call me BrokerOwner, because that’s what (and who) I am.  I’ve been involved in Real Estate for over 13 years, and have had the pleasure (or displeasure) of meeting every type of tenant.  The good, the bad and the dirty (lol).  I’m writing because I have been burned by a few of my tenants, and I want to share my experiences with you, my failures and my successes. So, stop by again.  I have some GREAT stories coming. Happy Renting!

Filed under: Landlord/Tenant by BrokerOwner
Tags: « Blog - Landlord - Real Estate - Tenant »
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