TIP OF THE WEEK
for the week of May 9, 2016
BEST LANDLORDING CHANGES IN LAST 3 YEARS!
A landlord shared that in the last 3 years he credits several landlording changes he's made that has lowered his headaches, streamlined systems, and increased profits. Two of the bigger landlording changes include the following:
1) Rent collection - Tenants can pay at my local bank in person 6 days a week with cash, money order, cashier's check or debit card. No charge to them or me for this service. I see the money the minute it hits my account, and the next day I see an online scanned deposit ticket, stamped with the date, with the tenant's name. No more "I mailed the check last week"....no more bounced checks...no more chasing rent. It's either paid or it isn't. Easy cheesy. Did I mention this service is free?
2) Outsourcing trivial work - cleaning, mowing, trash removal, most small repairs. Pay someone $10 - $15 an hour for unskilled labor or $25 an hour for semi-skilled that is drudgery and removes focus from getting a place rent ready quickly and stems the flood of vacancy expenses and lost rents. Your hourly rates may vary by location, but when I found that most contractors in my area wanted $40 - $50 just for semi-skilled work, I went shopping and found a LOT of decent folks who had some skill and were willing to moonlight for a lot less money. Church, recommendations from local REALTORS, college students, etc. Of course, screen well and only pay as work is completed. Took my average turnover time from 2 - 3 weeks to 1 - 3 DAYS...the extra rent more than makes up for the money spent to hire it done.
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Comments From Landlords:
"I first want to THANK YOU! Your site is awesome. I have learned more since I have visited your site in one or two days then I have in my whole 10 yrs. dealing with rental properties. Many, Many Thanks keep up the good work."
"I want to express my gratitude to all of you and others who have answered my questions from this site. This site is a blessing to us all, both to the new and the old, to the beginner and veteran, to the rich and to those who wanted to become wealthy through real estate knowledge. Most of all I want to thank Jeffrey for his creativity and insight in helping us. May we continue building our wealth by helping others. Grace and peace multiply to each and everyone of us as we harvest the wealth of the land and help others do the same thing and shelter those who are in need of rental properties."
"I've only been a LL for 1.5 years. I searched all the websites I could find during that time. I've learned more from this site than any other. I no longer surf the net looking for info. I come here! I'll tell ya, there are none better than Mr. LL. So to all you neophytes...don't waste your time with the others. Stick with the best. Jeffrey...my hat is off to ya!"