All Forum Posts by: John Kunick

I completely agree with Jonathan above.  I own 12 properties (all bought in last four years) and I did 30 yr on all of them and just make advanced payments.  This gives me more flexibility and ability to ride out volatilities should that become necessary.

Also, sounds like your formula for finding good homes in GOOD solid school districts is right on target.  This is exactly what we did and we have fortunately never had any challenges with getting good tenants.  IMO, the key to keeping tenants is to provide exceptional customer service.  Here is what we do:

1) We provide some type of token gift when they move in.  If they have kids we usually tailor the gift towards the kids.

2)  We stress to them that they will not be penalized for making us aware of necessary repairs.  A little problem becomes a major headache if it is not dealt with right away.

3)  Our average response time when we get called is two hours.  I'm amazed at the # of tenants and prospects  that we get that say their #1 reason for looking to rent elsewhere is the lack of response from their landlords.

So, you get the idea..  IMO, the key to long-term success once you have the right properties is to minimize turnover.  If we find a quality tenant, I do everything I can to keep that tenant including offering to do a two-year extension for either no rent increase or just a minimal increase.

Hope this helps!