Landlord of the Year award

[Pat L.]

This was in the UK....where they call it Letting & he does fill his ramshackle units with the perfect tenant.

He's being investigated so this should end well!!!

[Nathan Gesner]

By way of example, I have an investor here in my town that owns over 40 units and most of them are slums.

1. He accepts anyone with cash in hand for first month's rent and deposit. No application, no background check, nothing. He takes down their name and phone number, takes the cash, tells them where to drop off the next month's rent, and hands them the keys.

2. He keeps the utilities in his name. If the tenant stops paying rent, he turns the utilities off and waits for them to leave. 

3. After they leave, (regardless of the circumstances) he does not clean or do maintenance unless absolutely necessary. He makes the new tenant rent it "as is" and clean it to their satisfaction.

4. If there are repairs during tenancy, he makes the tenant handle it and pay for it. He only repairs major items like water heaters, furnaces, and roofs.

5. He's been doing this for almost 40 years and never been sued. He's never had a complaint filed against him with the real estate commission. He makes over $40,000 a month rental income and expenses are almost zero because tenants handle the maintenance.

Not the way I want to run a business, but it's also hard to argue against it.