All Forum Posts by: Michael Ryland

@Bryan Devitt standby........the misguided defund the police movement will allow crime to increase exponentially. Even if they don’t make major or direct cuts it’s a huge blow to the morale of the officers who work there and they will not be proactively looking to solve or prevent crime. It makes the job more dangerous because officers will be even more hesitant. It leaves even the best officers wondering “is this worth it?” And “why am I doing this?” 54% increase in murders from 2019 to 2020 should be an indicator of what’s to come. Just my opinion

@Jeremy Torres-Jimenez there is a lot of info out there on this subject. Look on YouTube and you’ll see many videos on this subject. An easy trick is to call your credit card companies and ask them to raise your limits. You’re not actually going to use it but it gives you more available credit or leverage. You’re trying to create a gap between your balances and your available credit. This makes you a more attractive client to the banks.

@Shilpa Shah I had a college student who was a great tenant and when his lease was up I asked him what I could do to make the home a better place to live. He was able to provide feedback that I found helpful. Sometimes small things can make the home more comfortable for tenants. In this case, I added two ceiling fans, change two light fixtures, upgraded the kitchen faucet, and changed out an old shower head.

Sometimes the small things can make a difference. If you have a good relationship with an outgoing tenant take that opportunity to solicit their input. I have also identified some bigger and more expensive improvements that I will make in the kitchen in the near future. My current tenants are a pain in the butt so I’ll wait until their lease is up.

@Anthony Hofgren congratulations on taking the plunge. The lessons I have learned and mistakes I’ve made in no particular order:

1: After a year of researching and due diligence I bought my first rental property. The house is nice and had good rental history. It was being sold by and older couple who were simply no longer interested in being landlords. In hindsight I may have overpaid a little. It is a nice house and it cash flows nicely but my second home was a much better deal and more profitable.

2: Don’t be afraid of renting to college students!!! The college students that I have had thus far have been the best tenants. My property manager met their parents and she really liked the families. Also remember that the rent is usually being paid by the parents so it’s consistently paid.

3. Don’t get too involved. I knew I was making a mistake when I was doing it. I have one tenant that has been a pain in the butt from day one. I happened to be visiting family in the area and the tenant had brought up some repair issues. Instead of letting my property manager handle it like normal. My brother and I went over to the house to try to handle some of the simple repairs myself. As usual with houses sometimes what seems simple isn’t that simple and my brother and I spent several days of my “vacation” working at my rental property. Things were also challenging because I didn’t have many tools with me. It was frustrating and not worth the time that I put in. I would have rather paid someone to do some of the repairs.

4: Good communication with a trustworthy property manager is the key to success. Having those conversations early on are important. I stressed the importance of good tenants. I told my property manager that I would rather have my property be vacant then deal with a bad tenant. Nothing is perfect but I told my property manager that if the tenants are questionable or she has a bad feeling about a tenant to just move on to another applicant.

Congratulations and good luck.

@Evan Rodvang

I rented to some students and they were great. I don’t know everything but here are some tips:

Having one of them be the point of contact for you or your property management company will save you some headaches and avoid miscommunication. A “head of the household” is better than having three or four different voices bringing complaints or requests. Otherwise you could have one occupant bringing up issues that have already been addressed with another occupant etc....

My students split the 1000 dollar rent 4 ways so they preferred to pay electronically via one of the many apps available.

I elected to pay someone to take care of the yard. I didn’t want to leave it up to the students. But you can feel them out and see if they’re going to do it before you pay for it.

My property manager met with the students and their parents before signing the lease. Remember the parents are likely the ones to be paying the rent. Communication is key. They need to know that your going to be a responsible landlord and you need to know that they’re going pay the rent and take care of your property.

@Ashley Cao I have several that I like. Here’s a few.

“Anyone can do it. Most people won’t. “

“Everyone has a plan until they get punched in the face.”Mike Tyson

Fight the battle don’t fight the plan.

“I do not believe in a fate that will fall on us no matter what we do. I do believe in a fate that will fall on us if we do nothing. “ Ronald Reagan

I really love the last one because it’s action oriented.

@Allan R. I don’t know what state you’re in But Most answers regarding law enforcement matters start with “Well it depends.......” because not all situations are the same. They’re could be many reasons why they didn’t arrest your tenant at the time. But even if they did arrest her that may not be a solution to your problem. She could be out in a couple of hours and back at the property. If you call the law enforcement agency and ask for a watch commander you could possibly get a little more information to help you understand what happened and why. Be polite if you really want more information. This information could help you out in the future should another unfortunate problem arise. Calling another law enforcement agency will not get you anywhere. Law enforcement does not handle civil matters however most county sheriff departments handle evictions.

Evict the tenant. Call law enforcement again IF she is trespassing. And Good luck.

@Olga Marquez I’ve worked with John Knight at TruHome Solutions. He made the process pretty easy for me.

@Nathan Killebrew

“I do not believe in a fate that will fall on us no matter what we do. I do believe in a fate that will fall on us if we do nothing.” Ronald Reagan

@Markia Dunn the videos help but remember your why. The why you got started in real estate in the first place. To build wealth, make a better life for your family, etc. I have two little girls and I know that what I am doing now will help create a better future for my family and allow me to spend more time with my girls. That keeps me going. Time is the one thing we don’t get back.

With that said he’s some motivational videos for you. Good luck to you.

https://youtu.be/Cuutcvdt2Xc

https://youtu.be/IdTMDpizis8