Someone asked me the other day if I had a Top Ten LL Tips, what would I include in the list. Made me think.... What's in your top ten LL list?

Research the rental market (rent prices and supply/demand) before buying.

Screen tenants well.

Read this site!

1. Create criteria and be selective when approving new tenants

2. Evaluate your current tenants and terminate any that have gone bad

3. Pour money into the buildings constantly for repairs and maintenance. A little now or a lot later.

4. Inspect units every 6 months and make a repair plan. It's just like visits to the dentist.

5. Regularly review your plan for long-term debt, and evaluate plans for pay down and/or refinancing at a lower rate.

6. Be able to generate detailed reports using software(I use Quicken 98) . You can use these when meeting with local bankers to help focus the conversation, or suppliers when trying to negotiate discounts based on annual purchase volumes.

7. Make a basic plan and execute it for a couple years. So many of the minor details are not significant if you just execute on the major key items(listed above).

Depending on your property, have open houses to show a vacancy instead of making individual appointments.

Take copious photos showing rental condition before tenant moves in. Same upon move out.

Document the h*ll out of everything!

If in doubt about anything, consult our MrLL board before acting.

Respond quickly to problems and concerns, even if it's just to tell a PITA something non-urgent will have to wait 'til next (week, month, year).

Save all texts/letters/email/voice mail from tenants. You never know when you'll need to refer back to them.

Once you buy the most critical step is tenant selection.

A couple of rules are my "tips"

The landlord is in charge the tenant is not

Only buy property that your ideal tenants will want to live in.

Only buy in areas of growth, expansion and improvement.

A vacancy is a blessing compared to a bad tenant.

Take time to think (and pray!) before making decisions, verbal or written

Utilize advice of those who have gone before you. Read this newsgroup!

You make your $$$ when you buy, not when you sell. Buy low, and in the right areas.

SCREEN.

Plan ahead. Cover all the "what ifs" you possibly can BEFORE they happen.

In the same vein, keep some reserves on hand, do not over extend your cash, credit, or time.

In regards to whether your tenants pay on time or late,...'you get what you allow'.

If you allow your tenants to pay late without consequences, then they will take full advantage of that and pay whenever they feel like it.

Join a local landlord's association.

Utilize this forum as your "Board of Advisors", and as others have said, read the "briefings" from this forum daily:)

Attend this year's MrLandlord.com National Convention in May.

Get a website.

You are the boss, not the tenant.

Happy Clause

ELT

Pet fees

Zero tolerance Act

Lease intiation fee

Treat tenants like employees, not customers

I like what Katherine/TX said on that other thread:

"Get into the working class where you have a bigger tenant pool, lower costs to buy, better returns, and less costly expectations from your residents.

Then provide more than they expect for the price in the way of service & features. This is a good way to keep long term renters and be a happy LL.

You also have your investments spread over more properties this way, which controls your risk from other perspectives."

Never make a rental better than 90%

Spoil your tenants,

Always have an ad running, always keep a waiting list,

No more than two chocolate milkshakes a day.

Use color in your homes, don't make them look like box store shelves,

Provide a lawn service where applicable

Keep your desk clean

Don't bet on the horses, houses pay better

Don't buy unless there is a positive cash-flow in the worst market For newbies,

My five tips. ;-))

Buy a gun.

Learn to use it.

Learn the law, backwards and forward.

Get a CCW.

Only take advice from happy, wealthy people. Make the effort, whatever it takes, to get around them.

Timid Landlords Raise Skinny Kids. Grow a backbone.

You will only grow as large as your DREAM so actively work on expanding your thinking and setting goals.

Lone wolves go hungry. Get with a pack.

Be at Convention.

"lease initiation fee?"

1. never rent to family, co-workers or friends.

2. never become friends with your tenants.

3. always do a credit and background check.

4. write a good lease

5. document and take pics/videos of move in/ out conditions.

6. stick to your lease policies.

7. Treat your rentals as a business.

8. Do not back down on charging late fees/additional rent.

9. The landlord is in control, not the tenant.

1) Shut Up and listen, every prospect will tell you exactly what kind of tenant they are.

2) Keep the relationship professional.

3) Operate by the letter of the lease, enforce your rules.

4) Be hands on, let the tenant know that you always have an eye on the situation.

5) No matter what happens, don't panic, there is always another better tenant around the corner.

6) Screen, Screen, Screen, a good tenant is worth the effort.

Train your tenants from the very beginning, do not tolerate late rents.

Top ten tips....

Go with your gut. Even good background checks can produce disastrous residents.

Save money by doing some of the jobs yourself, if you are handy. I've had residents tell me electricity doesn't work, only to discover there was a defective lightbulb that needed replaced.

Inspect units regularly.

Take pics/videos at move in and move out. Document EVERYTHING.

Don't believe everything a resident tells you.

Respond quickly to issues

Be in charge at ALL times or at least act as if you are in charge.

Keep on top of late rent.....et them go and you will be taken advantaged of by even the nicest resident.

I keep all of my rentals the same color, and paint with high gloss, it is easier to clean and easier to replace.

And finally, DRINK.

I am blessed with many wonderful tenants in my life. Part of the reason is that our expectations are clear before the lease is signed. I collect all rents by 5 pm on the 3rd of the month regardless of day of the week or holidays.

Leases are written $200 more than the stated monthly rent, the tenant can discount if paid on time, and if I ever have to go to court the $200 helps cover the expense. Judges don't like late fees but they seem to be fine with discounts.

Note, in less expensive markets I lower the amount of the "discount". I tell all tenant I start eviction on the 5th or 6th of the month and once started, it costs them to have me stop. Following this has helped me save lots in lost rent.

1) Use the same paint colors in every house - Don't use all Kilim Beige - do baths and kitchens in the same darker, classier color - I use Hopsack

2) Your rentals should be as nice as the renters you want to attract - potential residents should walk in and say "this is nice!" To get the wow factor I also have a "model home kit" I keep in a box. White spa shower curtain and fluffy towels, a piece of updated artwork in each room just leaned against the wall - a black LIVE plaque in the kitchen with some coffee cups on a cloth napkin in front of it. Just nice touches that say home - plus spraying some smell good.

3) Get long term Residents with two year leases - with incentives for residents to renew with another two year lease. After first two year lease, they get half a month free rent. At the beginning of the third two year lease they get a free month.

4) Have a "rent talk" with each new resident where you spell out all the expectations on both sides - residents are like dogs - they are only good if you train them. Let them know I only take care of the gig stuff (heat/AC, hot water heater, roof, plumbing line to street). If anything else breaks, it's on them, including my appliances. They also clean gutters, install furnace filters, etc.

5) I don't really permit late payers. They pay a 10% late fee if they are late. Period.

6) I use Clear Now to ACH the rent checks automatically.

7) I try to remember what Brad 20,000 says - keep my eyes on the big dream, otherwise, its easy to get discouraged.

8) Try to get hubby to NOT do so much work himself. The only way I am excited to grow this business is to get a team of people in place who really do all the work. My idea of a great retirement is NOT to be a cleaning lady or handyman. Gradually, we are getting better at this.

9) Remember when you have a bit of a negative experience that this is a job and you will have a few bad days at times.