17 Ways to Kill a Landlord's Business
1. Do not rent to the first person with money.
• Always check their credit, background, rental history and work history,
• You are better off with an empty house than a bad tenant.
• Be patient!
2. Do not rent to someone who is in needy or in a crisis.
• Needy people will leach off of you.
• People in crisis will suck you into their crisis.
3. Do not rent to anyone you know.
• This includes: Friends, Family, Friends of family and Family of friends.
4. Do not become friends with your tenants.
• Nothing personal, it’s just business.
5. Do not rent to nitpickers.
• The nitpicking will never stop.
6. Do not put a tenant’s utilities in your name.
• Eventually you will get stuck with the bill.
7. Do not be afraid to say NO!
8. Do not be a “pushover”.
• Learn to be intimidating.
9. Do not rent to animal lovers with more than two pets
• Before you know it your house will turn into a zoo.
10. Don’t rent to “landscapers”.
• Seasonal changes will kill your curb appeal.
11. Do not put carpet in your rental properties.
• Tile or Hardwood
12. Don’t forget to do inspections. It is your property/investment.
• Do them every 3-4 months.
13. Don’t pick up the rent in person.
• That is too time consuming and you are a business person.
14. Don’t rent a crappy house.
• Crappy House = Crappy Tenants
15. Don’t be a Slum Lord.
• Fix it right and quickly!
16. Don’t be cheap.
• Spend a few extra bucks on products that “look” expensive and will last.
17. Do not make any exceptions to your rules.
• Tenants won’t respect you.
* Unlimited Rental insurance policies that cover loss of rent are available.
Courtesy of Gordon Galey and revised by Pamela Lane-Wright.
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