Landlord Resources For Landlords
Are you a new landlord? A reluctant landlord? Or perhaps just an accidental landlord? Just starting out investing in Real Estate or worse being thrown into the position of being a landlord can be rather eye opening.
Often new landlords get lulled into the business by it’s apparent simplicity. At first glance it’s just collecting rent and reaping profits.
Trust me, it’s not that easy!
After being in the business of being a landlord (note I said business!), since 2003 I’ve learned a lot. Some of the lessons I learned have been rather painful and some rather costly, but throughout these experiences I’ve learned to make the experience easier and less painful as I go.
Spending $$$’s to Save $$$’s
When I started out I knew I had to get up to speed fast. I knew there was a ton to learn and since I’m an action taker, I didn’t want to drag it out.
Much of the information we learned made a huge difference to how we ran our business (and if anyone asks “is being a landlord a business” the answer is yes!) and by putting money directly into our landlord education we were able to fast track everything.
However, some of the information and training we took was just a gateway for marketers to sell us more training we didn’t need. These bright shiny training courses often ended up being a distraction, a waste of time, or worse yet a stack of expensive binders and CD’s collecting dust on my book shelf.
Helping Landlords Learn The Rental Business
Again that word business, obviously it’s time to explain why I call it a business and this is lesson one! The first thing I try to explain to new landlords is they have to treat landlording as a business.
Landlords who don’t treat running their rental properties as a business often make painful and expensive mistakes that business owners don’t.
By treating your operation as a business it’s easier to take the emotions out of it and this was one of my first lessons as a landlord. You see, I had to evict my very first tenants, because I let emotions rule my decisions rather than following business rules. Worse yet, I evicted them just before Christmas. Aren’t I a Grinch?
How I Screwed Up
First off, when we let these tenants in, we felt bad for them as they had a really sad story. They were having problems finding a place, they had young kids and the mom was doing part time sewing work to help them get by. Life was tough for them and we could help them out.
How can you not want to help? We’ve since learned having systems and processes we follow help us make business decisions and not expensive heart felt decisions.
Second, we didn’t do all of our diligence on them before they moved in. If we would have called all their references, checked all of their details and looked into their history a bit more we would have found out why they were having problems finding places to live.
It was because other landlords were following screening systems and checking references and avoiding them like we should have. We’ve since implemented a very thorough screening system that I have turned into a full blown course for landlords that should be available by mid-March if you want to ramp up your screening!
Third, we didn’t take immediate action when they missed a payment in October. We tried to help them because of the issues they previously had. Fast forward to December and they ended up with three months of free rent at my expense. Never mind the week over Christmas it took me to repaint the entire suite, to repair the damages and to replace everything that was broken (they only moved in during the summer!).
If we had taken action immediately I wouldn’t have fallen into what I call the Eviction Spiral. It’s something all landlords should avoid. Here’s a video to help you avoid it, Avoiding The Eviction Spiral.
Helpful Landlord Tips
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