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The Landlord Protection Agency® selects a member to receive The Landlord of the Month Award.Selection for this award is based on a combination of factors, such as valuable input and sharing of information with other landlord members in our Q&A Forum, Deadbeat Database, Landlord Tips, Most original ways of dealing with tenants, Helpful site suggestions, etc. Winners of The Landlord of the Month Award receive an Award Certificate and an article about them including tips and hints is posted on this page for the month of their award. Are you our next "Landlord of the Month"? If you'd like to share your landlord experience and philosophy with us, please e-mail us your story in a format similar to the ones listed below. Landlord Since 2002
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The LPA is proud to award Timothy Spangler the May 2005 Landlord of the Month Award. |
I realized that depending on an employer for my family's only source of income and retirement was a risk I had to eliminate. After searching for a safe, stable, and long term investment--I chose real estate for its proven track record over the past 30 years. My first purchase was a newly built three bedroom townhome. Since I've started I've been able to enjoy the rewards of my real estate investing with a monthly positive cash flow and tax benefits.
My philosophy is to mind your own business. In order to mind your own business you must gain knowledge that makes you an expert in real estate. Go to real estate seminars and classes. The more research you do the more you will learn. Don't ever stop learning what is new in real estate. If you have a question, search for the answer. If you have a problem, find the solution. Don't ever stop learning because if you do you have closed your mind to new ideas and new opportunities. The LPA not only lets you share your experience with other landlords, but it will also help to answer your questions. Being a member of an investor's organization and connecting with other real estate investors will improve your knowledge and skills. Having this type of support will prove to be invaluable to your future success.
Repairs can quickly drain your operating fund. The best way to keep repair costs down is to keep a maintenance schedule on all appliances, the furnace, air conditioning units, and anything else regularly used by the tenant. You will notice that some tenants take care of amenities while others do not. To combat this problem it is good to have a clause in the lease that states all minor repairs are the responsibility of the tenants. As an alternative to making your tenants responsible for all costs, you can also write the clause in a manner that stipulates the tenant is responsible for the first $75 of a repair. This should not include normal maintenance costs. A repair fee will keep tenants from abusing the property and its appliances.
Follow the lease your tenants signed. If it states late fees will be assessed, assess them. If you waive late fees once, most courts will consider them waived for the life of the lease. Even worse, the tenants will be under the impression that the lease no longer applies to them. If you ever decide to change any part of the lease you and your tenants signed, you should write an addendum to protect your legal rights to enforce the lease. My advice is to act on any lease violations by sending a letter of the violation to the tenant. Don't forget to do a thorough inspection every time you renew a lease. You want to prevent unnecessary damage or repair calls by catching a problem early.
I have excellent tips on how to manage rentals and tenants in my new book; From the Rat Race to Real Estate.
Selecting the right tenant makes the difference between loving real estate and hating it. The most common mistake made by landlords is the failure to do a credit check, it is extremely important to do credit checks on all potential tenants. If they are not paying their current bills, they won't pay the rent either.
The LPA would like to thank Timothy for all his valuable input and sharing of knowledge with us. Landlords everywhere have the opportunity to benefit from the lessons and knowledge brought to us by our Landlords of the Month.
LANDLORD OF THE MONTH
- March 2005
Joe C.
I am 34 year’s old with a decent full time job, a wife, 2 children and a third child on the way. Technically I have only been a landlord for less than 1 year. The reason why I am saying technically is that because my father, as far as I could remember, always had rental properties and I would assist him in the fixing and collection of rents throughout the years.
It got to a point that I started asking myself, “If I am doing this for someone else, why can’t I do it for me”. At the same time, seeing my family grow, seeing the college tuition down the road, I know that I needed to do something quick.
As such, I started looking for properties and put several bids out, but no success. About a year later, we found this nice 6 family brick building that we put an offer on, and like the others, got out bided. As such, we kept looking and about 2 months later found a nice 2 family home, which we were successful in purchasing. Well about a month into the process of closing on the 2 family home, the 6 family came back on the market and we got a call asking if we were still interested in purchasing. Looked at my wife and said, let’s see if the numbers work. Few months later we closed on both properties within a month of each other.
You can say that we jumped in with both our feet. Got to admit that we were both nervous, not sure if and how it would work, but we were both determined that we would make it work.
Well here we are 10 months later, and we are generating a positive cash flow of $1,600.00 a month. And have just put a bid on another 7 family home, which got accepted. You can say that our confidence is starting to build up.
In one of the articles that I read, it stated that you should prepare the property as if your mother was going to move in. And that stuck with me, prior to a tenant moving in, I make sure that everything is in working order. What I found is that by doing this, it saves me numerous headaches down the road.
I have also realized that I can not do it all myself, as such I have hired super attendants for each of the buildings. I know that it’s an extra expense each month. However, it’s also a lot less headaches and the best part is that it leaves me free to spend more time with my family or research other properties.
Many years ago I remember reading a quote from James Watson (Nobel Prize Winner) “If you’re the brightest person in the room, you’re in trouble”. This quote keeps me humble, keeps my thirst for knowledge alive, and keeps my search for mentors constant.
While trying to find myself as a landlord, I had many questions unanswered. I knew how my dad did it, some things I like, some I did not. I turned to the web for answers; as such I stumbled across the Landlord Protection Agency’s website.
The information found on the LPA’s website is very helpful, reading the books recommended, visiting the various links in LPA and using the forms found in the LPA website.
I can say that I am learning what to do, and not do with the help of the LPA.
It’s essential to have a lease and the LPA lease says it all. We put our name on it, change the dates and it’s that simple.
Be fair, be honest, be business smart, ALWAYS maintain a professional relationship and most of all accept the fact that you don’t know it all and ask for expert help when necessary.
I found that as long as the tenants know the rules and guidelines ahead of time, it’s less painful down the road. As an example, one of my tenant was going to be late with her rent, and the first words out of her mouth were, “I know that I will owe you the late fee, but ….” She knew that if the rent was not paid by the 5th that the later payment charge was due, I didn’t even have to ask for it.
I try and fix what ever I can, if I am unsure of how to fix something, I just go to my local hardware store or home depot and ask. They are usually pretty informative.
And I tend to surprise myself, and get things fixed/done. For bigger jobs, I will look to the experts.
As for the day to day management, I have super attendants to take out the garbage, keep the property clean and alert me of any potential problems.
Ask Questions - When unsure of something (Don’t guess), I found the Q&A Forum in LPA is pretty informative and helpful. For the most part, you have a group of individuals that truly care and point you in the right direction. If you don’t want to make a fool of yourself, it gives you the ability to remain anonymous, but still get your questions answered.
Keep your tenants informed – I found that as long as I let my tenants know what my rules are, ahead of time and give them time to prepare/adjust for them (Usually 2 -4 weeks), that they are more agreeable. As a result, I avoid the confrontations and the immediate reactions.
Understand people’s Behavior – In reality you are managing people, not so much the property. You have to know how to deal with the various personalities.
Be patient – No matter how mad you get as a result of something, do not let them see it. Walk away, cool down and then come back in a professional manner. I found that certain people will try to put you into an awkward situation getting you to do something rash. When you give in, is when the problems begin. If you remain professional at all times and stick to the terms of the lease you will be fine.
Anticipate the questions/behavior – For example if you have a building that you are JUST going to start charging late fees, understand that you will get some tenants that will try and not pay, others will come up with creative ways to avoid paying. Ask yourself, if that is going to happen, then what are you going to do. And make sure that you are prepared to do it.
From someone that has only been a landlord a short time, this might seem like a lot, but trust me, in this short period of time I have done ALL the wrong things. That is how I know what NOT to do. Thanks to everyone involved with the LPA website, the authors, the members, the individuals that respond to the Q&A Forum, I was able to improve these inefficiencies. I’m sure that I am just at the tip of the iceberg, but with your support, I know that I will succeed.
The LPA would like to thank Joe for his valuable input and sharing of his experience with us. I know we all will make productive strides forward towards our goals along with Joe if we continue to support eachother with knowledge and enthusiasm. Landlords everywhere have the opportunity to benefit from the lessons and knowledge brought to us by our Landlords of the Month.
LANDLORD OF THE MONTH
- January 2005
Thomas W.
Believe it or not, I am 22 years old and still in college. I have already made my first real estate purchase of a handyman special 2 bedroom house.
My grandfather is a pretty rich real estate investor who started with nothing in the 70's and now owns more properties than I can count. His dream is for me and my brother to get into the business. If I'm going to do this investor thing, I want to do it without any help, especially since Grandpa likes to take over anything he's involved in. I want to work for myself. I'm glad i found The LPA site. I printed all the forms and am so far successfully managing my new tenants.
I'm learning one step at a time, so I think I'll use the previous landlords of the month as role models. I guess the main idea is to be fair. Do "WIN WIN" deals.
I use the forms from LPA. I got my tenants thru a realter. She did a credit report and said it was good. I didn't see the report, but next time I want to see it first. So far the tenants seem pretty good. LOL
The LPA lease says it all. I just put our names in it, dates and address.
I'm pretty handy so I fixed up the unit before it was rented. I can fix most minor things and I have friends who can do bigger jobs.
I wish I could tell you something valuable. Just keep reading the articles and forms on this site. I feel like I already took a special course on landlording just by reading the stuff on this site.
The LPA would like to thank Tom for all his valuable input and sharing of knowledge with us. We hope he continues aquire good rental properties with good tenants. Good luck, Tom.
LANDLORD OF THE MONTH
- JULY 2004
Diane C.
My divorce left me penniless. I worked in a local retail store full time to raise the rent. I wasn't qualified for any higher paying jobs, but was always interested in real estate. I had always been a tenant all my life hoping to someday break free of the chains and own my own home.
I found my first investmnent through a customer from the store that I worked at. One day a woman asked me if I was interested in buying her home. I said that I didn't have any money. She said that didn't matter. I wound up purchasing the property without any money while the seller held back the entire mortgage!
My philosophy is to have a nice home for people. I know I want something clean to live in, so other people feel the same way.
I do everything all by myself unless it is a job too much for me, such as major plumbing, roofing, a/c, etc.
I'm glad I discovered LPAs lease. My attorney helped me fix up my old Office Depot Lease with a few clauses after an eviction we did, but he (and I) like the LPA Lease better. So thats all I will use from now on. The only thing I changed is I made the Late Clause pragraph 2 font sizes bigger so it really stands out.
My properties are in good condition, so I try very hard to get tenant who will keep their homes clean and nice.
If you never did an eviction before, don't hesitate to use an attorney who does evictions. Doing it yourself can cost you much more in the long run. I know.
The LPA would like to thank Diane for all her valuable input and sharing of knowledge with us. Landlords everywhere have the opportunity to benefit from the lessons and knowledge brought to us by our Landlords of the Month.
LANDLORD OF THE MONTH
- JUNE 2004
Herman C.
Here's my story: I worked in a food distribution warehouse for 13 long years. I got burned out and decided to try something else. I saw a late night commercial about a local business who specializes in helping new investors through the home buying process with no money down. I called them and had a meeting the next week. Soon I was looking at apartment buildings to purchase. In february I bought my 1st one... a 3 unit building in a nice neighborhood for $68k. I did a bunch of work to the 2 unoccupied units and had them rented within a couple weeks. Now it's basically self supporting. I have to mow the lawn every week or so and had to fix a leak in a sink drain.
A month later I bought a 2nd property. It is a large 2 unit building. One unit was unoccupied so fixed it up nice and rented it out within a week. It now gives me positive cash flow every month like my 1st property does! I'm currently looking for more properties like these.
I find that if I treat my tenants with respect they treat me the same way. All tenants have my cell phone number so they can contact me directly with any problems. They rarely call but when they do I'm there the same day or the following day to repair any problems. I care about my properties and don't want them to become rundown. I have learned the hard way not to offer too much in the way of improvements to entice a prospective tenant into renting.
I have the tenants mail the rent to me at my PO box. This way they do not know where I live if there are ever any problems in the future. If the rent isn't postmarked by the 3rd day of the month then it's considered late and they must pay a $25 late fee. So far no late rents!
I started off using the LPA lease as it was but I got many complaints about it being to rigid and onesided. I then tailored it to my needs and have had no problems since the changes. I do not do credit checks or collect an application fee.
Rent collection is done by mail so it's a nobrainer. I would really like to see the LPA management software finished so the management process would be easier.
Get an inspection before buying a rental property! I know it's common sense but not everyone does it. Use the LPA forms but don't be afraid to tailor them to your and your tenants needs.
Always remember when you rented an apartment for yourself... you can then put yourself in their shoes and understand where they are coming from.
The LPA would like to thank Herman for his valuable input and sharing of knowledge with us. He is on the right track and is working hard at running an efficient landlord business, despite only being a landlord for a relatively short time. Landlords everywhere have the opportunity to benefit from the lessons and knowledge brought to us by our Landlords of the Month.
LANDLORD OF THE MONTH
- February 2004
Richard A.
Here's my story: I started out as a real estate agent and fell in love with owning houses. It started when one of my listings was giving me a problem. The seller was desparate and was lowering the price every week. I finally asked if he would lend me the downpayment so I can buy the house. He said "ANYTHING to get out of here!"
Be ready to pounce on tenants when they test you. I am a quick enforcer. I don't charge top dollar so tenants don't seem to give me many problems.
I collect a years worth of rent checks at the lease signing. They are all due the 1st of each month. If anything bounces they pay a late fee as in the LPA lease. I have one tenant who lives on a reduced rent in exchange for handyman work on the properties. He's happy and I am too for the last few years.
I make it clear from the start. No funy business or your out. Period. I use a strong lease and I expect it to be respected.
Collecting the rent is easy because I already have the checks for each month. If one bounces, they owe a late fee, bounced check fee which they must pay in cash.
Don't only join The Landlord Protection Agency, read everything on the site. It's a great tool. Join a local landlord association in your area. I like talking to other landlords and exchanging information about rentals.
The LPA would like to thank Richard for all his valuable input and sharing of knowledge with us. Landlords everywhere have the opportunity to benefit from the lessons and knowledge brought to us by our Landlords of the Month.
LANDLORD OF THE MONTH
- JANUARY 2004
Thomas S.
I went to a number of seminars to learn how to buy real estate. I bought a few home study courses. I was really gung ho until I kept getting turned down. Then I read a book called "The Challenge" by Robert Allen. It taught me that it is normal to get turned down and to keep trying and not to give up. It's that simple.
I finally got a seller to accept one of my crazy offers. He was selling a waterfront house in Cape Coral, Florida and said he would guarantee me a positive cash flow if I took over his mortgage for $1,000. That was all I needed to get going. Now I have 7 houses and 2 condos.
I know people who lost everything because of deadbeats. I decided that I was going to gather all the information I can about being a good property manager. I read a lot of landlord books only to find that I was more knowledgeable in the area of real tenant situations than many of the writers of those books. And that's not saying much. You can imagine how excited I was to find The LPA! I read the LPA site everyday. I picked up so many good ideas. KNOWLEDGE IS POWER.
Because I live alone with no family to support, it was easier for me than most people to quit my job to become a full time landlord. I downloaded all the LPAs forms and adapted them to my rentals. After checking out property management software, I decided that I like keeping records the old fashioned way. With a spreadsheet and a ledger that is. My tenants don’t know I am the sole owner. I took the advice of fellow LPA member Lou Cinq and formed a corporation to limit liability and to protect my assets by keeping them out of my name. It's easier to deal with the tenants that way. I require the tenants to maintain service contracts on the appliances and air conditioning. That cuts down on most of the repairs.
I adapted the LPA Lease to my rental units. I've checked out quite a few leases, but this one has the most nitty gritty good stuff I could find.
Thanks to LPA forms, managing is fairly easy. I gave the payment book to each tenant and they take the bills seriously and pay the rent like clockwork. (I know I'm lucky) I always make sure the rentals are given to the tenant in pristine condition and I insist that they keep it that way.
I know I wouldn't be as lucky if I didn't have a good forms system, a great brother in law who happens to be a lawyer, and if I didn't get so into screening the tenant carefully. Like the LPA site says: 95% of tenant problems can be eliminated in the screening process. It is so true!
The LPA would like to thank Tom for his valuable input and sharing of knowledge with us. Landlords everywhere have the opportunity to benefit from the lessons and knowledge brought to us by our Landlords of the Month.
LANDLORD OF THE MONTH
- DECEMBER 2003
Lou & Krista Russo
We rented a part of our house because we could not afford the mortgage on our own. Realizing we were living free and gaining equity we bought another and another etc… Now we have 5, manage 1 for a friend and are building a vacation home upstate NY. A Dream come true all from real estate.
Treat people as you would want to be treated.
Well I know I’m doing it with the help of my wife. She stays on top of setting up the maintenance stuff and most of the bills which is a full time job. Because of her I can stay at my full time job as an office manager.
I had nothing but problems at first with a generic lease. Then I was referred to the LPA site. I joined and read everything they offered. Downloaded all of the forms and started using them right away. My problems all slowly went away. Thanks to this site.
Be caring in what tenants have to say but be firm in laying down the rules and never let them break them. Always and I mean always use a 3rd party as a reasoning for all your rules. “My lawyer will not let me take this out of the lease.” “My partner is giving me a hard time because you haven’t been paying on the 1st.” This way it is out of your hands. Don’t try to become the tenants “good friend” this is a business and if they feel they are friends with you they become lax about things like paying the rent on time and signing the new leases right away.
We have hired someone the tenants can call for maintenance or any problems. He will schedule a date and time with them to take care of whatever they need. He keeps us informed of what the outcome is of all his service calls. If we need to get involved we will. We try to make the leases expire close together so we can renew them all at once.
The LPA would like to thank Lou and Krista for their valuable input and sharing of knowledge with us. Landlords everywhere have the opportunity to benefit from the lessons and knowledge brought to us by our Landlords of the Month.
LANDLORD OF THE MONTH
- October 2003
Kenny and Tracey S.
I am in the construction business. I was inspired by a friend of mine who was buying homes and sucessfully renting them out. I began buying beat up, run down houses that the sellers wanted to unload at low prices.
If you fix up an undesirable property into something desirable, you will be able to attract a better tenant. Therefore the tenant will respect the property better if it is provided to him in a state of good condition.
I rent my properties below market rent. Only slightly. It gets me a better selection of tenants to choose from. I start my screening with the LPA rental application and then I get a credit check done ONLY if the tenant has me conviced that they will be who I want.
The lease rules. It is like the 10 commandments. I now use the LPA Lease. It has everything I want in it. My old lease was constanly growing with new terms, but the LPA lease is all contained and more professional. I read it to them in detail and they agree.
I love working on my houses. It is a labor of love. My wife and I team up on many of the projects.
Be ready to lose a month of rent if it mean waiting for the right tenant. Its worth it. Read everything you can about being a landlord. Oh, and use LPA forms.
The LPA would like to thank Kenny and Tracey for their valuable input and sharing of knowledge with us. Landlords everywhere have the opportunity to benefit from the lessons and knowledge brought to us by our Landlords of the Month.
LANDLORD OF THE MONTH
- November 2002
Susie Kruse
Times are stressful. The economy is fragile, and job security is almost non-existent. The only safe place for your retirement money is in a can buried in the backyard. But the truth remains. I have to pay my rent or I am out on the street. Same goes for my renters.
Treat people the way you would like to be treated. We provide a clean, updated, maintained property, attractive inside, as well as out. Why? Why not? Providing dignity for someone provides us with a respectable reputation. We aren't making millions on the rent. I guess that is not God's plan for us. But we will still do the right thing, and hopefully what you give, you get back.
Prayer (and alot of it), along with a level headed husband helps.
Usually handled by my husband. Prospects were screened as best as the law
allows, but things change once they are in. I call it the Jeckle and Hyde
Syndrome. What seemed like a decent family turned into a nightmare after 2
years. He left her (unfortunately he did all the upkeep and repairs), she
went on disability, took in "roommates" to subsidize the rent, sent rent
late, or sometimes not at all. Y'all know the drill.
Being a member of LPA has provided us with valuable information and an
education we would normally have been learning the hard way. We even have
rights! Who knew?
John Nuzzolese has certainly done his homework to show us how to protect
ourselves, our property, and our investments. I only wish
I knew about LPA alot sooner! Thanks, John, for providing a much needed
service! Knowledge is power!
Lay a good relationship foundation with new tenants. Supply them with useful phone #'s (util- ities, deputy #'s, maintenance boards, etc.) as well as area info.
Thank you, LPA, for recognition as Landlord of the Month!
The LPA would like to thank Susie for all her valuable input and sharing of knowledge with us. Landlords everywhere have the opportunity to benefit from the lessons and knowledge brought to us by our Landlords of the Month.
LANDLORD OF THE MONTH
- September 2002
Roberto Aronson
I read everything I could find about buying real estate, but learning how to keep it is a different story. I am very happy to have found this web site. I think it is by far the most informative on the subject. Having now experienced a few tenant problems, I'm much more interested in finding ways of keeping my tenants on their toes. I want my rent paid!
I think people deserve a quality home to rent at a reasonable price. I have already put lots of sweat and blood into my properties so I don't appreciate it when someone treats the property disrespectfully. I just want decent people who care about their home and respect the landlord.
I'm doing my best day by day. The rents are basicaly covering my mortgages and it can get scarey when repairs are needed. Right now, I have the homes in fairly mint condition with good tenants except for one. I need to keep him paying, but I'm afraid I'm going to have to dive into an eviction. If I do, I'l take the advice I've seen so many times on this web site. I'll get a good landlord/tenant attorney rather than fumble through it myself and perhaps cost myself more time and money.
I now use the LPA Lease. Since I made the change of leases my life changed for the better. I only have one tenant on an old generic lease from a stationary store and that's the tenant I may evict.
I used to go to the properties personally to collect rent and see how things are, but now I have them mail the rent to a post office box I set up. I learned that from this site. I had my home phone number changed also so the tenants can NOT reach me whenever they want. They now must call a special number I use only for management and leave a message on my voicemail. This gives me the chance to review the message and decide how to handle situations before talking to the tenant. Before, they were able to wake me up and attack me making demands when I was most vulnerable.
Don't get to chummy with your tenants. Read the 6 Biggest LAndlord Traps on the LPA Homepage. I loved it.
The LPA would like to thank Roberto for all his valuable input and sharing of knowledge with us. Landlords everywhere have the opportunity to benefit from the lessons and knowledge brought to us by our Landlords of the Month.
LANDLORD OF THE MONTH
- JULY 2002
Edward Miller
I started in the property field in Frankfurt Germany as a sales representative to military personnel and the public sector. When the company went out of business I decided to stay in the field and went to work in the storage industry where I worked up to the asst. general manger and trainer position. A few years of that I decided to go in the apartment rental industry where I am currently and it is a great experience.
My philosophy of a working landlord is that all landlords should ask several questions besides the ones on the application you give the prospective tenant, for eg. are there going to be any other adults in apt with you or any children, will you be living there full time or seasonal.
I spend time to get to know my tenants wants and needs they may have in the current times and try to figure out what they might need in the future.
When doing this with the lease I spend a great deal of time going over each paragraph and asking them several questions to them to instill in their minds what they are signing so it will prevent any problems in the future.
Try to make all tenants feel the way you would like to be treated. Help them with the repairs they request. Keep the property maintained in an orderly manner. Most of all, run your property like it is your own residence.
I try to write the names of any tenants I feel may be a problem in the future. I also make sure all work orders are stamped and done in a quick manner for the tenants and protecting the company I work for from being sued in court for not completing it.
The LPA would like to thank Ed for his valuable input and sharing of knowledge with us. Landlords everywhere have the opportunity to benefit from the lessons and knowledge brought to us by our Landlords of the Month.
LANDLORD OF THE MONTH
- May 2002
Veronica E.
My real estate investing career started off as a problem in disguise when a friend of mine was about to be evicted because her landlord lost the home to foreclosure without telling the tenant (my friend). I bought the property at the foreclosure sale for an incredible price and instantly became a landlord. My friend actually turned out to be a great tenant who eventually got married and bought her own house.
I think people should be treated fairly and be given the benefit of the doubt. That is after checking them out fully. I'm not going to be stupid. Been there, done that.
I think this LPA site is great because I am hungry for knowledge that will help me to keep my rents paid on time while helping me manage my own time. I have a life you know!
I don't have as many rental properties as many of you do, but I seem to be getting my three on track. I have 2 One families and 1 duplex. I find that going in person to see their last home helps me a lot in screening the new tenants. I also do my best between tenancies to clean and re-prepare the rental so it will be ready to be moved in. I wish I could have moved into a beautiful home when I rented!
I protected myself with a lease form given to me by a realtor. I later found that the lease was really more tenant sided than landlord! I spoke with an attorney friend who helped me improve that lease. Now, I can't tell you how glad I was to read through the LPA Lease. It was everything I wanted and more. The clauses in that lease are priceless! Let's just say it has helped me a lot.
I manage my rentals myself. I don't think a management company can possibly put the care into it like I can. I don't think they will shop carefully for work and/or materials the way I do.
Make sure your lease is signed with the tenants understanding every word of it. I make it cleart to the tenants that my attorney friend is ready to step in on my behalf at any time if I have a problem enforcing the lease. I will not hesitate to evict a tenant who DARES to violate my lease.
The LPA would like to thank Veronica for her valuable input and sharing of knowledge with us. Landlords everywhere have the opportunity to benefit from the lessons and knowledge brought to us by our Landlords of the Month.
LANDLORD OF THE MONTH
- FEBRUARY 2002
Mary Ellen Murphy.
I purchased my first investment home in the fall of 1998. I did it because an old woman asked me if I wanted to buy a house for a great price. Believe it or not, this was in the checkout line at the Publx supermarket. I let her go ahead of me because she only had a few items.
She was a lonely woman who's children didn't bother with her. She saw I was a single mom and took a liking to me.
So far I have only had one bad experience with a tenant. My first tenant really didn't respect me or the lease. Unfortunately, I allowed an inexperienced real estate agent handle the rental for me. I knew so little and she seemed to know so much! Boy was I wrong.
Since then, I have been much more careful- and educated. This web site has been a big help as far as educating me as a landlady. I surf the web, but always wind up at the LPA. I guess my philosphy is the quote from your site: "It is better to have NO tenant than it is to have a bad tenant."
Because I am a single parent with a 7 year old daughter, it can sometimes be a challenge managing the property. At first it was expensive and exhausting fixing up the first rental house. I learned to put more responsibility on the tenant to help make each unit self supporting. (I have two rentals now) I also rely on an agent with a property management firm now for finding new tenants. I like the idea that she uses LPA forms too AND is also a landlord herself.
The first lease I used was ridiculously generic compared to THE LPA lease! I am so happy with this lease because I now have a "lease signing routine". My agent Lorrie was very good at presenting it to the tenant. I've learned to emphasize the parts of the lease that are important to me.
So far, I have been lucky with good houses without any real problems. I was thinking of getting a blanket service contract on all my appliances.
I feel confident as a landlord knowing I have this website to rely on. You guys have been great. I don't know if your visitors read the description pages of the Essential forms, but I enjoyed reading them and have taken notes that have helped me. The Lease, Application and Security Settlement pages were especially helpful. I'd also like to recommend the book "Landlording" by Leigh Robinson. After my first tenant experience I have learned that the cost of knowledge is nothing compared to the stress and expense of having a bad tenant!
It was a suprise to be chosen for this award! I'm going to hang it on my office wall!
The LPA would like to thank Mary Ellen for her valuable input and sharing of knowledge with us. Landlords everywhere have the opportunity to benefit from the lessons and knowledge brought to us by our Landlords of the Month.
LANDLORD OF THE MONTH
- DECEMBER 2001
Joe S.
I started in Uniondale, New York after I first got married. We couldn't afford the whole mortgage payment ourselves, so we rented out an apartment in our house. Then shortly after, we bought a second house in the same town and rented that. I dabbled in commercial property while in NY, but not really successfully until diong it in Florida.
I liked being able to use the properties as rentals to pay down the mortgages. Then I'd sell the properties for a nice profit and reinvest. I did this 4 times before moving to Florida.
I've always been able to do my own repairs, so that helped alot. Since I've been in Florida, I've found that I haven't had to worry too much about repairs and maintenance on my commercial properties. The residential properties are the most dependable investments, though. Even if businesses go out, people always need a nice home to live in.
I feel protected with a good management system that I developed over the years.
It is the bible between you and the tenant. Follow it and enforce it to the letter and you will be a successful landlord. (Just make sure you have a good lease first!)
My wife does the office work and I do the repairs. My leases make the tenants responsible for many of their own repairs, especially on the commercial ones.
If it's not holding it's own, get out.
The LPA would like to thank Joe for all his valuable input and sharing of knowledge with us. Landlords everywhere have the opportunity to benefit from the lessons and knowledge brought to us by our Landlords of the Month.
LANDLORD OF THE MONTH
- NOVEMBER 2001
George B
After working for years in a pharmaceutical warehouse filling orders and loading trucks, I realized that I was never going to live the life I dreamed of. That scared me. From watching late night infomercials like Ed Beckly and Carleton Sheets, I started really thinking. By the way, I thought those courses were a waste. For me anyway.
My neighbor was selling his house in a hurry and asked me if I was interested. I didn't really have much money saved, so he offered to finance the down payment for me if I would take over the mortgage. I rented out the house with a positive cash flow and that's how I got started.
If I can make it a good deal for the tenant as well as myself, I'm happy.
I have had tenant problems. Some real bad ones. That is why I like your (The LPA's) forms. They make it much easier to deal with situations more effectively and faster. You'd be suprised how long it takes me to write a letter.
I do my best to make sure the rents come in on time. I call the tenants if the rent a few days late. Then I send a late notice a few days later asking for a late fee. Unless there's a real problem brewing, that usually works. I try my best to actually collect the late fees too, even though everybody thinks they can negotiate their way out of paying it.
I'm not very handy, so that's another reason I like your forms. When the tenant is responsible for most of the upkeep, it makes my life easier. I've found a few good handymen I call for taking care of things the tenant or I can't.
My old lease was something I picked up in Staples. It was very generic and written to please both parties, but didn't cover much of what I feel really needed to be covered. I'm happy with the LPA lease. I customized a few parts of it on my computer to better fit my properties, and my lawyer was blown away by it. Thanks.
Besides getting stuck with odd jobs from stopping by, I rely on my handymen. The forms really help me in managing the rentals.
Just don't forget that tenants are people too. Give them a nice place and teach them how to treat it. Also try to check out their last home before you take them on. Be careful with screening. That's probably the most important thing.
Thanks for picking me as landlord of the month.
The LPA would like to thank George for all his valuable input and sharing of knowledge with us. George has been a contributer in our Q & A Forum and Deadbeat Database. Landlords everywhere have the opportunity to benefit from the lessons and knowledge brought to us by our Landlords of the Month.
LANDLORD OF THE MONTH
- SEPTEMBER 2001
Jack Klein
I started with nothing. I was in debt. I know what it's like to scrape the rent together. I guess I got into this business by accident. It started one day when I was determined to make some quick money, so I picked up the newspaper and decided to find a good deal. I did. It was a 1971 Chevy. I bought it for $200.00 and 2 days later sold it for $800.00. I learned a valuable lesson with that car and applied it to bigger and bigger investments.
I've done many different kinds of creative deals. Even though I like a challenge, I like a good straight forward win-win deal.
My philosophy is pretty simple. What goes around comes around. Be fair. I see so many landlords taking full advantage of skyrocketing rents. So much greed. I like to offer a quality rental at a fair price. I want to set my rents a little below the market. This way, every tenant I rent to feels like they just hit the jackpot. They appreciate the deal they're getting, and we start off on the right foot.
I'm pretty lucky that my beautiful wife of 24 years still puts up with me. She's a great partner and handles a major part of the office work. She's a wiz on the computer and keeps everything organized. She just recently converted almost all of our management forms to LPA forms on our hard disk. I'll still do some repairs, but I did finally learn something very important: Don't be cheap. I've hurt myself so many times by pinching pennies that I wound up paying much more in the long run. It saves time and money to just get a job done by a reputable contractor at a fair price than trying to cut corners. Those cut corners always come back to kick me in the ass.
I used to think that I had the best lease. I put everything in it I could think of. I typed it out on 11x17 paper and then shrunk it down to legal size so I could fit it all on only 2 pages. But then I read the LPA lease. John Nuzzolese did some job with it. Well it blew me (and my lease ) away. Now, needless to say I use the LPA lease.
Most of my management is by certified mail. My wife calls tenants when a call needs to be made. My attorney works well with us if we need a warning letter sent to a tenant.
Have an attorney handy for eviction situations. Even if you very rarely need him, you'll always feel more prepared if the need for his expertise arises. Also, keep in mind that these are your properties. You have every right to lay down rules and enforce them.
I'm honored to be chosen as your Landlord of the month and my wife and I really enjoy your web site.
The LPA would like to thank Jack for all his valuable input and sharing of knowledge with us. Jack has been a major contributer in our Q & A Forum and has helped to solve many problems. Landlords everywhere have the opportunity to benefit from the lessons and knowledge brought to us by our Landlords of the Month.
LANDLORD OF THE MONTH
- AUGUST 2001
Peter Macci
My wife Meg and I started investing in real estate even before we were married. We both had some prior real estate management experience. We both had a passion for real estate and similar goals. We would both work and save as much as possible then buy something that needed work, and then we really went to work...
Cleaning, patching, painting, tiling, fixing, replacing, fumigating, landscaping etc... Then we understood why they called it sweat equity! We always had plenty to keep us busy and still do, though our lives have changed much since those early days.
My wife was the idealistic one, wanting to "save the world" etc. Her major in college was "International Peace and Justice". While I wanted to build something for our future family. So instead of joining the Peace Core or something, we came up with our philosophy for creating a better place, close to home. That was to take the worst looking houses in our neighborhood, make them into something beautiful and then rent them out. In a nutshell: To provide clean comfortable rentals for our tenants, thereby making a profit.
I manage the maintenance, repairs, rentals, qualifying applicants, renovations etc... My wife Meg does the bookkeeping and takes care of our two children (now that's challenging!)
Have a good one and use it. Add anything that may apply to your management style. For example: Tenants are responsible for shoveling snow on their own walks, etc...
Go over the lease with the tenant in detail at the signing. Initial any changes or penciled in additions.
Around the holidays we usually make it a point to stop by our rentals with a small gift, this also gives us the chance to change the smoke detector batteries.
It takes a lot of time to finally come up with a management plan that works for you, around your schedule. It took us many years with lots of changes. What worked for me was to finally do real estate full time. I got my license and now I do my own rentals as well as fellow landlord's rentals. They get free help and advise and I get to make a good living doing what I love.
Find a good local "Realtor" who is also a landlord. They can be indispensable for helping find a good tenant, they can run the credit, cross check info etc... but remember you, and only you make the final decision.
The LPA would like to thank Peter and Meg for their valuable input and sharing of knowledge with us. Landlords everywhere have the opportunity to benefit from the lessons and knowledge brought to us by our Landlords of the Month.
LANDLORD OF THE MONTH
- JULY 2001
Louis C.
I began buying houses because I just thought real estate was a good investment.
My first home was to live in with my wife. It was set up perfectly as a 2 family, so I built a nice apt to rent out. That was my first experience as a landlord. My next purchase was a creative deal. I bought the home with Nothing Down without even realizing that this would be a great formula for buying many properties to come.
I believe that strict management is the key to getting rent paid on time. Also having the best quality homes for rent will give me the highest quality tenants.
I do everything. All the office paperwork from paying bills to buying building materials. From digging out basements and pouring concrete floors to fine carpentry work. I took a course on electrical work, so I'm well versed on that. I've done everything there is to do on a home countless times from small to huge jobs.
The lease is one of the most important documents a landlord will ever have to protect himself! My lease is probably the most detailed lease most tenants have ever seen. If they have a problem with it , I don't want them.
I work with another landlord who helps me manage my properties and I help him manage his. That way the tenants are not only dealing with me.
I charge heavy late fees and I am quick with evictions.
Thank you for picking me as your Landlord of the Month. Your site really hits home and deals with the nitty gritty of what my landlording life is about.
The LPA would like to thank Lou for all his valuable input and sharing of knowledge with us. Landlords everywhere have the opportunity to benefit from the lessons and knowledge brought to us by our Landlords of the Month.
LANDLORD OF THE MONTH
- JUNE 2001
Lisa & Steve W.
Steve and I bought our first home in 1989 a few months after we were married. He had owned rental property when he lived up north, but it was a new venture for me.
Buying our home went ok, so I decided to take a deep breath and start buying rental property with Steve in 1990. He was in business with a guy who was knowledgeable in real estate and who gave us some tips starting out.
Eventually, we adopted roles which fit us. That was a challenge. I didn't realize that making a business relationship work involved the same skills as making a marriage work.
Steve is the outside man. He does the maintenance, shows the properties, signs leases with the tenants and takes initial money.
I work at home....putting ads in the paper, screening phone calls, booking appts for Steve, collecting rent, banking it, doing paperwork, and of course, finding time to post on your website.
Since most of the tenants have dealt with Steve face to face (he's a little easier than I am), I can be the "bad cop" to Steve's "good cop" if need be. When they hear from me it's the end of the line! I have learned how to file evictions and how to present a winning case in landlord/tenant court. My knowledge came slowly and through making mistakes. We have never hired a lawyer, but I would recommend doing that for the first eviction.
We know that our relationship with our tenants is governed by our lease, the Florida statutes and local laws. Our lease is 6 pages long and has evolved over 8 years to it's current state. We tell the tenant everything upfront Steve goes over with the tenant at the signing, every clause that , in our experience, tenants gloss over and violate....like notice is first of the month to first of the month...don't tell us on the 6th that you're moving on the 6th of the next month!
To check for unauthorized pets......we include in our lease that we spray for bugs every month. The laws don't say that we have to, but that way Steve looks in cupboards and closets for signs of pets. Tenants are REALLY good at the pet itself, but they can't always hide the food or dish or litterbox successfully, at least not every month.
I can't stress enough how important it is to get a copy of the L/T statutes for your state/local area.!!!!
A judge will adhere to them in court, and the landlord better have a working knowledge of them....better yet...have abided by them. Most tenants don't know the laws, we've noticed. They lose in court because of this.
Well, that's all I think of right now. I'm off to the courthouse! Oh Joy....not!
The LPA would like to thank Lisa and Steve for their valuable input and sharing of knowledge with us. Landlords everywhere have the opportunity to benefit from the lessons and knowledge brought to us by our Landlords of the Month.
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