All Forum Posts by: Marrio Barnes

I strickly purchase sub 30k properties in the Milwaukee area.   All of my residents pay their rent at my bank, cut their grass, and shovel their snow.  My residents have been with me for years. Because the units are sub 30k, I am not pressured to take the first applicant with a heart beat.

My units are well maintained units with nice paint colors, appliances, washers and dryers (used but nice).

I do treat them well and give them the tools they need to be responsible.  At move in, I give them shovels, rakes, a sink and toilet plunger and one bag of snow salt a year.

In addition they receive an automated text of the 1st reminding them of to pay their rent by the 4th and to let me know if they have any maintenance issues.

Most months, I rarely have to do anything except the occasional drive by of the property (or inspection)and get the occasional maintenance text.

Here are my few more hacks I use:

1. I'm big on communication with my tenants. I downloaded a sms text scheduler on my phone that sends out a scheduled monthly text reminding them when the rent is due, how to pay it, late fees, and asking them if they have any repair issues. I have very few collection issues.  During summer and winter I set up reminder text for cutting grass and shoveling snow. It works great!

2. Whenever I might have to send out a notice for behavior or rent I send them the notice via email first, then later in the day serve the notice the required way.  I usually get an instant response and resolution from my tenants and you have a stored copy of the notice in your email.

3. Do you want your tenants to be more responsible and receive fewer maintenance calls? Give them the tools to do so.  At move in, all of my tenants receive a new sink and toilet plunger, snow shovels (usually still there from the last tenant), a sealing bucket from Home Depot that is full of snow salt (they get one free bag from me each year), and each stove has an oven liner to help keep the oven cleaner. Everything on this list is less than $100 total but it is priceless in comparison to the time I save in managing properties.

4.  Finally I am big on fire prevention.  Since my day job is property management, I have seen what can happens when other landlords don't spend a few dollars  to protect their investment.  In all my units they have a mounted fire extinguisher in the kitchen, each level has at least one hardwired smoke/ carbon monoxide detector, and I install firestops above the stoves.  In my lease the tenant acknowledges that all of the fire prevention items are there at move in.

Good luck.

I recently bought a duplex where the lower has some soot and smoke damage from the old fire.  The house is structurally sound and safe.  I am looking for some advice on how others have tackled this issue.  

Thanks.

Never apologize for protecting you're interests. If you rent to them you will be kicking youself when they start paying late on the 2nd month.  

Redouble your marketing efforts and contact the nearby university. They should have good connections to help you find more applicants.

Good luck.

I typically put the utilities in the name of the tenant that makes the most money. That way you have the best chance of getting it paid. 

 It sounds like you might have a student rental.  In that case, get guarantees from all the parents and put the utility in one of their names.

Good luck. 

I too, am a "golden pig" farmer from Milwaukee.  I have bought all of my properties in my small portfolio under 15k and receive $975 to $1400 in rent per property. I rehab and improve my properties and rent them out to good residents who deposit the rent at bank for me.

Being a "golden pig" farmer is not everyone and I am glad for it. Otherwise the opportunities would not be there for me. 

Thanks Ben.

You can write an simple lease amendment or find one online and have both residents sign. Refer to a lawyer as needed.

Make sure that the remaining resident has 3 times the  income to cover the rent. Otherwise you be evicting the remaining one. 

 If the remaining one doesn't have enough income, keep both on the lease until the lease ends or you decide to let them out of the lease. Always protect your interest .  Good luck.

Here is a tip.  Add one more page to your inital application. On the that page request that the applicant gives you three or four people to contact in case of emergency and make sure they fill out ALL three contact information slots. 

Most times the applicant will give the name of the significant other that will be living them.  With that information you can do quick public information searches to see what type of unauthorized roommate they might have. It's not 100% but it helps.

Good luck.

Landlords are still in the customer service business and we should never forget that.  I give my tenants $50 gift card to a local restaurant around Christmas (usually the cheesecake factory), I make occasionally upgrades to the units, and I keep my promises to them.

 For a $50 a year investment, I keep my rentals full, my rent paid, and my hassel factor down to a minimum.

To minimize the cost of an unit turn, do a pre-moveout inspection of the unit. Take notes on what needs to be replaced, cleaned, and updated. Then inform the tenant on what they need to do to get their security back. 

 Then buy supplies, make arrangements for your repairmen to start repairs as soon as their gone, and get your craigslist ad ready to post.  Vancancy time is the most costly expense you will pay. Good luck.