I am an active landlord of one unit. For this quarantine my tenant has paid on time(is working) and does not anticipate missing any payments. A key to this definitely screening tenants up front, exhaustively so. B/C I do not live near my unit(3 hrs by car) I use a property manager to do all the up-front screening, taking the applications, verifying the references. After providing me with a selection of candidates and any recommendations he may have, I make the decision on which tenant to place. After that I manage the property. Additionally I meet each of my tenants and give them my personal expectations as how I would like our relationship to work. Open communication is important. They have my # and I have theirs. I perform periodic inspections(2-3 per year), as well as performing basic maintenance(suck out dryer vents, change out leaky faucets, replace air filters), which gives me good insight as to how the property is being cared for. They will take care of property and immediately notify me of serious issues. In emergencies that require an immediate response I will often contact my PM and use his recommendation, or use the tenant's recommendation, if they have one. I try to be very flexible, but ask that the tenants contact me ASAP if they think there might be payment delay. I am much more disposed to flexibility if they notify me as soon as they know there is an issue, rather than me finding out after the problem surfaces. Also, my annual rent increases have been very modest and predictable, pretty much just to match inflation plus or minus to the nearest $25(ie most are either $25 or $50). It works for me. I'm looking forward to purchasing another property next year!
