If
you are learning to be a landlord for the first time there is much to know. I think i made every mistake possible in the first
few years of renting properties. Lesson number one Do your research! There are two kinds of
people out there--ones that need an opportunity and those that take them and abuse them. You must
align yourself with the tools to effectively judge people on their finances, background issues, housing experience and credit
facts. Some people are in the midst of life changing situations; divorce, break-ups, loss of spouce. mate, and so many other
situations. Some are just beginning in life and have no past experience on which to judge, and looking for little and big
clues on how they handle themesleves can say alot. Some are right where they need to be in life, over the hurdles financially
and moving forward with life skills. Which ever type you run into you must do your reseach and not
assume anything. Without discrimination you must profile your applicants to see where they are in life so you know what might
be expected in your life as a result. Lesson Two- this is a business!! You can do nice things for
your tenants or anticipated tenants, but you can never do more or allow yourself to do what is not natural in a tenant situation.
You will always lose. You can give as long as you know what the return will be. I used to babysit, drive tenants to work,
daycare or tech schools, i used to feed them in my home when their cupboards ran dry (that one i still might do depending
on the situation because no one should go hungry--but i would try to fill their cupboards first) I used to do many things
(even sleepovers) that were really not in the job description of housing provider. But these folks were never my best choices
when i first rented. They had no business renting without resources and i often overlooked the obvious in order to fill a
vacancy when i had 3-4 at any one time. You will pay one way or another.... |
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