What Kind of Landlord Do You Want To Be?

Here are a few thoughts while still enjoying the KU comeback over OU…

Many, if not most, of the rental homes I view have been taken care of in a less than pristine manner. There really can only be two reasons for this. The first is that the landlord purchased the property at too high of a price to be able to make the property profitable so that he has to cut corners wherever possible to not get into the red ink. This is a problem that can be avoided by purchasing the property correctly from the beginning. Or moving on to another property.

The second reason is negligence on the part of the landlord. I suppose the reasoning is that since he and his family does not live there it doesn’t have to be perfect. Another one I hear is that the tenants will just tear it up so it doesn’t pay to fix it up. Either way, the landlord is letting the property fall into a state of disrepair that will make it difficult to sell for top dollar when the time comes. Not to mention the quality of tenants a property in disrepair will attract.

Look, most tenants are people looking for quality housing at a fair price. Some are abusive to their properties and/or landlords and should be weeded out during the qualification process. But if they get through your screening and still tear up the property you should have provisions in your lease to get them out.

Attractive homes make it easier to demand a higher quality tenant. And I feel better about myself knowing that the children of my tenants are walking on clean carpet and are not embarrassed to invite their friends over. Yes, I’ve been burned. But by in large tenants show the same respect back that they are given.

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Filed under Property Management, Real Estate Investing

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