LANDLORD PROFILE INTERVIEW:
Name:
Doug Paulson
City:
Matton
State:
Illinois
Any Unique 'Local' Landlord Requirements?
No
Number of Rentals?
89
Years of Landlording Experience?
14
Hardest Job?
Evictions and small claims court in order to collect rent and damages.
Your Biggest Mistake?
Not having my leases notarized by a notary.
New Landlord Advice?
Get involved in a local association or find an experienced landlord to
mentor from.
Favorite Type of Resident?
The ones that pay each and every month.
Best Way to Find/Attract Residents?
Word of mouth from my good lease holders to their friends.
Favorite Application Question?
Are you currently being evicted or have you been evicted in the past?
One Way to Keep Good Residents?
Bonus plan in the lease. Example - Once a tenant has leased at the same location for 3-years they are the owners of the refrigerator I installed for them when they moved in and they paid me an additional $25/mo. for it in the lease. It cost me $500 and they stayed 3-years.
Favorite Rental Clause?
Holdover at double the face amount.
Money Making Cash Flow Tip?
Have a base rent and up charge for additional items such as refrigerator, washer, dryer, dishwasher, garbage disposal, central air, ceiling fans etc. when showing units. Prospective tenants will pay additional each month for those
features.
Money Saving Maintenance Tip?
Buy quality materials, and buy in bulk.
How Do You Encourage On-Time Rents?
If I need $750/mo. rent I advertise the home as $800/mo. and if rent is paid early or on the 1st-5th ea. mo. the rent is $750/mo. After the 5th of the
month the rent is $800/mo. Plus I always require a credit card on file that is
charged on the 6th of the month if the rent has not been paid by a money order
by that date.
How Have You Collected Past Due Rent?
Civil small claims court.
Trick A Tenant Played On You?
Tenant moved out of an upstairs apartment and left all water faucets running in order to flood downstairs units.
Favorite Real Estate Book?
Robert Kiyosaki Rich Dad Poor Dad & Carleton Sheets
What's Rewarding About Being A Landlord?
Providing quality housing.
How Has MRLANDLORD.COM helped you?
It's a wonderful source of information and a wealth of knowledge.
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