Developing the Landlord mindset

[Daniel Winsor]

Just had my new tenants sign a lease to move in the 1st of February. One guy I had a few issues with is moving out and three girls are moving in. I learned a lesson with the guy - he did NOT clean up his dog mess and I let it go because I didn't want to "rock the boat" over a relatively small issue. He paid on time, with minimal reminders.

For the new girls, I have ALREADY let so much slide or don't take potential opportunities. Examples: I take a refundable pet deposit instead of a non-refundable one or a monthly fee, I currently pay the whole water bill without taking money from tenants because the duplex is watered together (I will eventually get a separate meter but the outlay is more than I want to pay right now) assuming it doesn't get out of control, paid for the new doorknobs on the bedrooms because the tenants requested locks despite the lead tenant saying they would pay for it, planning to replace the microwave hood simply because it's louder than it should be though it still works, etc.

I'm probably losing out on a minimum of $100 monthly. The reason being because it's not overly significant right now. I live in the rear unit and after refinancing, plus raising rent this round, I'm actually making $425 a month before expenses. The ~$2000 I'm not paying in rent to live in a large one bedroom in Key West is so substantial to me. I guess I don't feel the need to try and get that extra $100. The bigger "problem" is that I have rented a LOT, so I don't bother with repairs or the less expensive options. I had my previous tenant had a washer leak, so I just bought a new one. This results in a higher cost over the year, but again, I just kind of assume it's the cost of doing business.

I dread the first time a tenant is late with rent or can't pay at all, or I am forced to evict someone. 

So, my question or advice solicitations regard developing that "killer instinct" trying to maximize profits. Does it happen over time as you learn from experiences with tenants? Just an extension of your general personality?

Thanks for any input!