Do you generally like your tenants?

[Erin Spradlin]

Frequently, I encounter people that are reticent to become investors because they believe that tenants are a major, consistent problem. I think this is a fair assumption as it is something that seems to be theme that runs through owning property. That said, I own four investments, and have had a lot of tenants with almost zero issues (knock on wood). Likewise, a lot of my investor clients don't seem to have major issues with their tenants either. I'm curious if this is just a myth or if people on this site feel that the notion "tenants will be a problem" is a fair assumption. 

[James Wise]

Originally posted by @Bellman Tumasang:

@Dennis M. I’m assuming you love your tenants on the 1st of every month because that’s when they pay you.

 Actually that's when Dennis meets them for the monthly book club. Dennis is a big romance novel buff. He's also kind of shy so not a lot of people here on BP know this about him.

[Scott P.]

Yes.  I've liked them all.  

I don't/didn't really know most of them well though. I'd say the relationships were always polite and professional with a handful of frustrating moments. I'd rent to all of them again, except maybe 3 or so.

[Sylvia B.]

Originally posted by @James Wise:

Originally posted by @Sylvia B.:

I like most of my tenants, but that doesn't mean we'll be friends.

We invest in a town with a population of 2100, so our circumstances are a bit different from most of BP members'. We rent to friends, acquaintances, family of friends. It's hard not to in a town this size. But we do not  become friends with people we rent to.

 Ohh man nothing is worse then renting to friends, family and the like.....No matter what happens it's always the landlords fault and the landlord is always the bad guy. If I had no other option than to rent to friends, family and the like I'd exit the business.

Ha! I understand the feeling, and I have to say there are quite a few of my friends and acquaintances that I would avoid renting to. However, our experience has been completely positive with the friends we've rented to. My own family, not so much.

We bought a cheap fixer for my brother to live in, and the day before we closed he took off. No note, text, phone call, nothing. Either changed his phone number or just quit answering. It was not a house we wanted to keep for a rental, so we eventually fixed it up and sold it. Even made a little money, but it was a pain. But he's my brother, and I'd probably do it again.

[Erin Spradlin]

@John Barrett - agree: be clear and consistent with your expectations. That is absolutely the best way to minimize your headaches and have both parties satisfied with the arrangement. 

- totally agree. I wan tot help as much as I can, but I don't expect either party to put the other party's interest above their own.

- yeah, I would take exception with people saying the tenants should be thankful. It's a business, it's a transaction. Everyone should be happy with that deal, but not in debt to anyone or anything. 

- totally.  I think that's the right way to approach it: respect. Do you see a pattern of responsibility with a tenant that suggests they'll also be responsible with your place? That's what is important rather than do you both share a love of politcs, , sports, etc.?

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[Corby Goade]

I love my tenants. They buy my kids Christmas presents, pay for our meals out, vacations, etc. Within reason, we get to pick them. I don't treat them like friends, but I do treat them like business partners, because essentially, that's what they are. They do their part to invest in my company and in turn, I treat them and the property fairly and with respect. 

Occasionally, there are people who are more difficult to deal with, but if that's the rule rather than the exception, it's likely you are doing something wrong as the landlord. 

[Brian Hughes]

In the ~14  years I've had tenants I have/had about 20 tenancies.   I have/had  collaborative and respectful relationships with probably 15 of them,  adversarial but otherwise respectful relationships with the next 3,  and 2 tenancies where they were completely disrespectful toward me, the property, and other residents.   Those last two tenancies both ended early,  and in both cases they had a lot of personal issues also unrelated to their rental agreement with me.

This is all in well maintained properties located in C+ (decent working class) neighborhoods in and near seattle.

Agree with comments saying its best to keep in professional - its fine to be personable and friendly,  but keep a line and don't cross it.   I've had a couple tenants who tried very hard to become my friend (this was still while I was living in a unit of the property) and I eventually had to just tell them that I needed to keep a professional distance given the business relationship.   They were annoyed at first but I think in the end they appreciated it. 

Also agree that management approach can be a big factor in setting the tone of a landlord/tenant relationship.   The biggest thing I think I learned after a few years of doing this is to not overreact and not sweat the small stuff - don't instantly jump on somebody making a minor lease violation or minor behavior problem.   Gradually increase pressure if necessary to correct behavior  (assuming of course it isn't something egregious or serious) instead of jumping down peoples throats.   Give people plausible deniability instead of direct accusation ("I'm finding cigarette butts all over the property -  I haven't figured out who it is yet so please let me know if you have any idea - I've told the other tenants to watch out too - thanks!")   If you have a long term tenant with a cat,  don't sweat things like the mangled mini blinds.  Blinds are cheap if its otherwise a good tenant relationship its not worth making a big fuss over.   (And on next turnover,  install tougher 2" rigid blinds...) 
 

[Jasmine H.]

@Erin Spradlin - I've had a few bad apples in the past but overall, I like my tenants. I respect them, do my best and they respect me back.

I had one who became our good friend but he past away. R.I.P.

[Tyler Jahnke]

Hey @Erin Spradlin - I think it may be obvious, but it comes down to how well you screen your tenants. You may get a bad apple every once in a while, but if you (or your property manager) are properly screening, there shouldn't be too many issues.

The neighborhood class of the property also probably has to affect the type of tenant you attract. I try to stay in safe neighborhoods with good amenities, good schools, and higher rents, which should help me against some riff-raff.

I personally haven't really had any problems with my tenants, but I also outsource 100% of communication, paperwork, payment, etc. to a property manager.

[Johann Jells]

I picked them, I try not to pick difficult people, so I tend to like them. Obviously some more than others, and being in a gentrifying city with lots of bright young people looking for housing doesn't hurt. Sometimes I go to maintain something and end up chatting for an hour about politics, music or their career. It helps that these are college educated (usually) 20 somethings (usually) on their way up in the world, I'm not THE MAN the way I'd be if there were a big class divide or they were Sec8. Many of them will end up making more than me, some of them already do but see no reason to spend it on housing or have big student loans to pay down. I find it works to be a real person instead of "Mr Landlord".