95% OF TENANTS DO PAY

Never forget: rent money is like handcuffs between landlords and tenants. It’s the common bond! ” A tenant has a problem paying rent, the landlord has .the problem too! When you begin to think of rental houses as a business venture rather than simply investing in real estate, it will open your mind to a whole new world of opportunity. The rules at business will help you immensely as an investor-owner of rental properties.

Every time I attend a “How to Get Rich Quick In Real Estate” seminar, I’m told by some speaker in a dark blue suit that I should always rent my properties to “blue collar” tenants with middle class jobs who have unblemished credit ratings. There is one exception, they claim! It’s OK to rent to senior citizens with an adequate pension income in addition to their regular monthly social security checks.

I suppose that’s good advice, but I also suspect the speaker doesn’t depend very much on rental income to buy groceries like I do. Obviously, the questions I have, along with thousands of other small-time landlords are; what happens If I can’t find tenants in those two categories? What If my properties don’t attract blue-collar workers or senior citizens? The last seminar leader I tested those questions on tried to avoid me at first. When I kept on asking, he sort of turned the other way and his face got real red and twisted – like a man suffering from a chronic gas disorder.

Contrary to the landlord-tenant “horror” we’ve all heard about, most tenants who agree to rent your property will also pay their rent. This fact of life eliminates about 95 percent of your collection worries. Trust me on this I can prove it! The big problems are caused by the remaining five percent who can literally destroy your life! It’s the old story abut the rotten apple in the barrel and unfortunately, “destroy your life” is not too strong a term for what can easily happen when innocent, but “dummy” landlords do battle with “ring-wise” deadbeats. The truth is most renters pay their rents when you treat them right. It is your job to develop good landlording skills-say amen!

Over 40+ years and 200+ of my rental homes, I got tired of tenant problems and develop my plan to manage tenants by mail.  This really saved my sanity and cut down on most direct interaction with the tenant.

Good luck.