My Blog

Cruise Control Landlording.......courtesy of Don Beck

9 Ways to Improve Your Cash Flow:

  1. Raise rents - depends on supply and demand
  2. Lower turnovers by doing repairs quickly
  3. Charge for parking spots/storage area
  4. Enforce Late Fees, bounced checks
  5. Install coin operated washers and dryers
  6. Use LED's and flourescent lighting in common areas
  7. Charge for pets
  8. Separate utilities
  9. Don't delay in filing for eviction

10 Ways to Fill Vacancies:

  1. Pay for referrals
  2. Use a 'For Rent' sign on property
  3. Ad saying it comes/includes renters insurance
  4. Curb appeal
  5. Target Market without discriminating-who are your target renters?  Put ads where they go to shop, to school, to work....etc.
  6. Incentives to move in early-cut rent or have give aways.....such as free microwave or flat screen TV.
  7. Design a flyer about the property
  8. Make small improvements/upgrades when tenants move out.
  9. Get a co-signer that owns real estate.
  10. Allow pets

10 Red Flags when Screening Tenants:

  1. Short employment history or short term residency
  2. Improperly dressed at showing
  3. No checking or savings account
  4. Multiple address's
  5. Don't list current or previous landlords on application
  6. Poor credit
  7. Is it real landlord or a friend when you call for references?
  8. 90% rule: tenant should be paying rent within 90% of their current rent payment.  Is it too much a jump in monthly rental amount?
  9. If they can't get a cosigner what does that tell you?
  10. Wants to pay cash & sign the lease right away.

10 Mistakes Landlords Make with Leases:

  1. Move In Day-take check during non-banking hours and give them the keys
  2. Accept post-dated check for part of the security deposit and give them the keys.
  3. Not specific about who pays what in the lease
  4. Lease expires during off peak season.
  5. Lease renews month to month instead of year to year
  6. Not checking photo ID before showing unit.
  7. Not requiring an inspection sheet filled out with photo's of unit and new tenants.
  8. Not giving lead paint disclosure
  9. Not getting extra security deposit and additional rent for pets
  10. Not changing the locks between tenants.

Contact: Robert Farmer  609-444-8204 or robert@solutionsinrealestate.net

Real Estate, REO’s, Foreclosures, Short Sale, Flipping houses, Multi-Family, Hard Money, Mortgages, Investing, RE Investing, Sales, auctions, rehabs, discounted notes, For Sale By Owner, lease options, Mercer County, Hamilton, Lawrenceville, Princeton, Princeton Junction, Trenton, East Winsor, West Windsor, Mercerville, Lawrence.

Posted By - Robert Farmer - 2 days ago

View By Category
Real Estate (11)