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Paul

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Reply with quote  #1 
This is an entertaining read. My favorite part:

Then my father gave me his first piece of landlord advice. "You never let the tenant start telling a story," he said. "That never ends well. A story always leads to an excuse or to an explanation, some reason you should give them a break."

http://www.popularmechanics.com/home/a25120/landlord/
rickencin

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Reply with quote  #2 
I've found lots of landlording lore not to be true.  There are so many different types of rentals.  Executive homes in Carlsbad are not that similar to by the bedroom student housing near San Diego State.  Or downtown 1 bedroom apartments.  You want to be friendly with your tenants, but you do not want to be their friend.  Friends are people you can impose on, landlords are not.  I've learned to be wary of the no description repair, just come over and see it.  Also people like to put you on the spot, especially if they are asking for something outrageous, so they wait till you are there on some minor problem and spring the "By The Way" request.  By The Way I'm going to use my security deposit as last month's rent.  By the way I'm getting a large dog (no pets).  By The Way I'm renting out the spare bedroom to two strangers (no subletting).  I've learned to say "I'll have to think about that and get back to you."  Oh, and keep your mouth shut.  Anything you say will be wildly exaggerated if it comes to an eviction hearing.  "I'll be sorry to see you leave" becomes "Stay as long as you want and don't worry about paying rent."
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Rick
javipa

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Reply with quote  #3 

Yeah, this story doesn't quite ring true.  I was convinced this guy's dad was a real operator, until it was revealed that his dad was a 'favorite landlord.'  I mean he never raised the rents.  He made friends with all the tenants. He forgave rents, and otherwise wasn't paid on time, in full, or at all.

All that, after allegedly admonishing his son 'not to listen to stories?'  Maybe the dad was just trying to teach his son 'not' to make the same amateur mistakes he was making.  ???

Anyway, it's a heartwarming story on how easy it is to become emotionally entangled with your clients, to the point your business becomes overly complicated and dysfunctional.

***This is also a great illustration as to why you put your income property under 3rd party management, and settle for managing your managers, instead of the tenants. 

And the 'visiting the property daily to pick up soda bottles...?'  That needs to happen, but it should not mean the owner does it.

This is a study in saying all the right things to do, and then doing none of them.  Just saying.

Again, heartwarming ...especially for tenants who fantasize about push-over landlords.


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LashellMilton

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Reply with quote  #4 
So true. I guess when tenants become comfortable, that is the start of being unprofessional.
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