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.
Share your landlording or management tips with us, and if we share your tip on our web site, we will give you a free six-month subscription to the MR. LANDLORD on-line version of the newsletter that will be emailed to you each month. Send your tips to firstname.lastname@example.org.
Top Ten Bestsellers
#1 Gold Club Newsletter Membership / Subscription (2 months Top Ten)
#2 MILLIONAIRE TAX STRATEGIES FOR REAL ESTATE INVESTORS (1 month Top Ten)
#3 Buy and Rent Foreclosures (2 months Top Ten)
#4 MRLANDLORD.COM RENTAL FORMS (CDROM PLUS HARDCOPY) (1 month Top Ten)
#5 525 Rehab, Repair, and Maintenance + Bonus CD (2 months Top Ten)
#6 Section 8 Bible Combo Offer (2 months Top Ten)
#7 PREMIER LLC's - What Every Real Estate Investor & Entrepreneur Needs to Know! (1 month Top Ten)
#8 Landlording on Autopilot Combo Offer (2 months Top Ten)
#9 LANDLORD MARKETING SECRETS PLUS DVD (1 month Top Ten)
Comments From Landlords:
"You have a great website and a HUGE amount of materials. I am glad that we have such a resource. And just so you know, I have checked out about every other site, similar to yours, that I could possibly find -- and yours is by far the most complete, the most helpful, and personal. Thanks!"
"I've been renting properties for 2 years and have gained more insight on this website in 2 nights! It's very user friendly and has useful information and feedback. I'll recommend this website to anyone owning rental properties!"
"I just want to thank you for your informative, free email newsletter updates. Their are many startup investors like myself who use this as a source for real estate information and I would like to express my whole-hearted appreciation for all your efforts."