Case in Point:  I have an old house with several tenants.  One tenant  has been very quick to ask for things he really doesn't need.  In fact, at times he has demanded we fix things we don't have the budget for.  How to handle a tenant like this without him moving?

Here's what we did and so far the psychology  is working. 

He has a little garden that has costs much higher water bills.  Unfortunately, all the tenants share the same water meter.  We can't change that, and that is a different subject for a different post.

We explained the water bill to him and told him we had checked the entire property for any leaks.  We think the extra $150 jump in the bill was coming from his garden.

"What?  I don't water that much."

To summarize we had all our facts and figures to present to him.  We know exactly what the averages are for the water per unit per month.  Math is math and really isn't easy to dispute, no matter how hard people sometimes try.

He tried to blame it on some of the other tenants, but we were ready for that argument also.  In other words, we had done our homework.  We know what they use too.  We were ready to go to "court". 

In the end, he saw it our way, but it took some patient convincing.    He had tried to "ask" for a new kitchen floor.  We explained to him he was not in a position to negotiate anything.  Times are hard, we told him.   Besides, we reminded him, he is paying $50 less rent per month than he should be paying. 

"We may need to do up on the rents," we said.

He is getting rid of the garden.  Case closed. 

Take Away:

1. Do your homework.  Make sure you have all your facts and figures before you approach a tenant about anything.  You will be a force to reckon with when you are armed with knowledge.  Knowledge really is power, and even your dumbest tenants will know that.

2. Be nice.  You don't have to get rough with them.   Keep the dialogue open but let them know you won't be bullied.  Adult bullying is no different from kid bullying.  Don't let them take the first punch.

3. Be confident.  Let your tenants know you are running a business.  

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Note: I'm not making this up. 

This has been a difficult year for all of us and I don't have to remind us to be careful when renting out our properties.  Needless to say this is one of the strangest cases I have come across.  The lesson here is not to get someone like this tenant with horns mad at you. 

Read Smoking Gun Tenant with Horns

 In recent days, I have emphasized proper due diligence.  Your prospective tenants need to be truthful while filling out your applications.  Also, you want to make sure the person has enough take home income to pay the rent.  Translation: That is the income they actually pocket.  Robert Shemin is very big on that point in his excellent book Secrets of a Millionarie Landlord.

It absolutely amazes me concerning some of the stories I have had to listen to while interviewing prospective tenants this summer.  Some credit summaries are so bad they're almost unbelievable. 

We have also had people who have tried to sneak in without filling out our paperwork.  The economy is not good  right now and some people are getting desperate, but that doesn't mean you have to take in anything the cat drags in.  You still need to conduct your business like a business.

You need to stay on top of what is going on with your properties.  This almost Tulsa tragedy is a good example.

Note: I debated about showing you the picture of the tenant featured on Smoking Gun and decided not to.  Just go to Smoking Gun and see it.

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Renting units is hotting up for me because this is our busiest time of year.

Dealing with tenants, prospective tenants, looky lous and just plain crazies is getting to be second nature.  You don't think you can handle it, but guess what, you can.  You get better at it with practice.

I have always hated putting signs out, but I understand signs bring in the calls.  One of the problems we have come across is that looky lous will call you wanting to see the unit immediately.  They also get miffed because you "won't come to the door."

Excuse me? 

They often think the unit for rent is the one where the sign is.  I had one lady call last weekend mad because I wouldn't come to the door and let her look at the unit right then.

"But I'm not even there," I tried to tell her. "I'm in another part of town."

"You show it to me now," she demanded.

I had already rented  two units off the sign and the next one wasn't coming up for about three weeks.  My plan was to just let people know about the next unit.

Nope.  There was no way I could convince this woman.  Besides, I didn't want the tenant who was living in the unit to move because people were ringing his doorbell constantly.

Solution: I took the sign down.  I'll put it back up later.

Here are 3 tips for getting good tenants

1. Always do a credit history

I keep saying this over and over, but I can't emphasize it enough.  You must know if that person is paying his bills.  If not, he is either in financial trouble and can't or he just won't.  Either way, you won't be getting your rent on time.

2. Screen traffic

You don't have time to take the calls from people who want something you haven't got.  You have a two bedroom townhouse for rent.  You don't want to waste time showing it to people who only want a one bedroom.

Also, if they don't know what part of town your  unit is in, that's a clear sign they probably aren't going to be too interested either.

Give them as much info as you can before they call.  That's where Craigslist comes in, but take it a step further.   Have a link to a free Web 2.0 site like Hubpages or Squidoo or Blogger.  Set up a little one page free website and show them more images.  Images is what they really want anyway.  It's easy, and it will help you make the sale.

3.Learn how to get vital information from them

Okay, you've only got a few minutes, but that time can be golden.  The minute they call you find out the most important pieces of the puzzle.

If your policy is no dogs, you need to find that out on the first phone call.

"Do you have a dog?" 

Folks, that's a simple yes or no.  If they hesitate, you've got a person who probably has one or is planning to get one.  That's a warning.

"Our lease is for one year."

Do they have a problem with that?  If they ask you if you'll take a six month lease, that's another warning.  That means they will be leaving in six months and they'll try to break your lease.

If you use good common sense you can find good tenants.  Practicing practical landlording will not only give you a good income through these difficult economic times, but will encourage you to invest in more properties so you can build your own real estate portfolio.

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Richard Blake of Real Estate Investing Tips has a video with a very important point.

Don't miss this point!  You need to run a credit check on any potential renter!

Why do so many landlords miss this simple, but massive tip?

They think the renter looks okay and is making a good first impression.  They don't think that person would be a bad tenant.  Always check and verify.

PR: wait… I: wait… L: wait… LD: wait… I: wait… wait… Rank: wait… Traffic: wait… Price: wait… C: wait…

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Find Good Tenants For Your Rental Properties

As a landlord for over the last 10 years I can tell you I had my share of good tenants and share of some bad tenants, as do all landlords. Today I want to share with you some ideas …

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http://adela.boseviews.com/2010/06/02/find-good-

..

Real Estate Jack – Eddie's Solution

Rich broke in at this time and asked, “Eddie, where do you find Tenant/Buyers with $5000?” Eddie responded, “All over the place. Over the past year when I offered a Lease/Option deal, I had many responses – people with cash and good …

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Yes, according to Bob  Barr or the Barr Code.

Here's  the quote…

"What many Americans don’t realize, is that census workers — from the head of the Bureau and the Secretary of Commerce (its parent agency) down to the lowliest and newest Census employee — are empowered under federal law to actually demand access to any apartment or any other type of home or room that is rented out, in order to count persons in the abode and for “the collection of statistics."

He goes on to say we landlords could be fined $500 if we don't cooperate.

This is wild, and I think all landlords need to be aware of it.

However, I have been dealing with one of the nicest, most considerate census takers.  She called several times politely during the Nashville flood and we became phone friends.  If most census takers are like her, this will not be a problem.

Read Census workers can enter your apartment

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I've never seen so many paranoid people in my life.  They think all mold kills.  They believe their houses will be completely taken over by a bacteria Kudzu within hours.   Then it will be onlyshort jog to the cemetery.

I don't share that belief.  Sorry, but I'm not sold.  

Yes, we need to clean up.  Yes, we should do whatever we can to avoid mold, but if I'm not mistaken there are only two kinds of mold that are really dangerous.  Not every mold is bad, and we are surrounded by molds just about everywhere.

But I did make it through the sales pitch for mold clean up yesterday.  We were told we would have to take out all the paneling in our basement down to the studs and we might even have to take those out also.  My neighbor across the street has already removed his little home theater that he had just finished-down to the studs.   

We would also have to bleach down everything including the antique upright piano that had already been in one flood before my parents bought it for me when I was in high school.  This was flood #2 for it.  

It still plays even though it was sitting in two feet of water for a little over 24 hours and that ugly green General Electric frig is still running too.  Perhaps one of today's problems is we don't build new things to last as long as the old things any more.   

The house is my childhood home and my family moved into it exactly 50 years ago this month.  The first 50 years passed without any major problems and I have a feeling the next 50 will be good too.  After all, the contractor built it for his own family back in 1927.  The paneling stays- with some bleaching.

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There are people out there who will not pay your rent, no matter what. Make sure you don't rent to them.

How?

Our main screening method is to get a credit summary. This has worked very well for us. That's because you can see if the prospective tenant is paying her bills. If she pays others, she will pay you. If she doesn't pay others, she will not pay you. Don't make it any more complicated.

We visited a banker recently who asked us why we weren't having all the problems other landlords he knew were having- especially during this recession.

We told him we screen prospective tenants based on the credit summary. Isn't that what he does? Isn't that what any one in business does? Why was he so surprised?

Case in point: A few months ago, I mentioned a man who looked at one of our condos. I "interviewed" him for about 20 minutes during which time he demanded a washer and dryer and wanted me to come down on the rent.

"You can't give me a washer and dryer?" he asked. "I've been talking to another landlord with another unit in this building and she has one."

My reaction? He's trouble.
Why? He couldn't seem to tell me where he worked or what he actually did for a living.

He asked for an application. I was not surprised when he didn't fill it out. "Could I take this with me?"

"Sure," I told him knowing full well I would never see him again.

Well, about five minutes later a perky real estate agent in a Mercedes showed up to show him the "other unit".
We all ran into to each other on the sidewalk.
"What do you know?" the guy said laughing," both landlords meeting."

He seemed to think it was all pretty amusing.
I had two reactions. The good part of me wanted to warn her. Nope. She's a big girl. She can take care of herself.

Fast forward a few months.
I just happened to pass by the door of the unit he rented. There's now a sheriff's summons sticking out of the screen.

Moral of the story: Get a screening system and stick to it. Make sure what you are doing is legal for your area, but find out where the tenant works, what kind of income he has coming in, and if he actually pays his bills.
People who are responsible make very good tenants. They will pay you on time and they won't tear up your properties.

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After the third call from this woman, I said "enough". 

That was after I got the call one night a week ago at 8:30 PM when it was bitter cold. 

"I don't know what you expect me to to do," she whined.  "I don't have a toilet.  Do you expect me to go like this all night?"

She was getting hot.  She honestly thought  I would call a plumber that time of night and pay him probably over $100, but I had a surprise in store for her.

I told her I would be up there in fifteen minutes and be prepared to let me in.  I would handle it myself.

When I got there she had a friend in the living room  for protection, I guess.  They were expecting a fuss of some sort.

Instead, I handed her my coat.  "I'm not a professional plumber, but I'll do my best."

She seemed taken back.

Immediately, I knew what she had put in the toilet.  I won't mention it here, but it is a personal item. Obviously, it was not my bill.  I plunged the toilet  twice and it flowed smoothly.

Now it was our turn.

We explained the blockage occurred in her unit and not in surrounding units.We know that from experience.  None of the other tenants had called with sewage damage.  We also let her know this was her  third and last toilet  call since she had moved in.    There would be not more calls, especially this time of night. 

I handed her the plunger.  "This is your plunger.  Don't put anything in the toilet that isn't supposed to be there, but just in case you ever have a problem in the future, you can plunge it yourself."

Notice, I chose my words carefully.   I didn't accuse, although we all knew what had really happened.  I took over the leadership and I told her how it would be from now on.  Funny, she was more than willing to cooperate.

After we left I knew one thing for sure.  We would not be getting any more calls from her. 

Had she learned her lesson?  Maybe, but she knew it would be a whole lot more trouble to call us next time, than to fix it herself.  

In cases like this, you almost have to help your tenants.  She's right, you can't leave her without a toilet all night.  However, when it is the tenant's fault for the overflow, and most likely it will be, you have to train your tenant to stop the irresponsible toilet usage.

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Thanks to my realtor sister-in-law, whom I should have listened too more quickly, the listing got in and up.  Now we have a very good tenant who actually has a job.  (Many of the prospects we interviewed over the vacancy did not have jobs.)

But the going was rough there for a while.  Condos are very different from other rental properties because you are dealing with a lot of other people besides your tenants and propsective tenants.

Then there are the rules.  We could only put our signs out from Fridays at 4 PM until Sunday nights.  What a drag, especially when certain real estate agents tended to place their signs directly in front of yours so the traffic couldn't see your phone number.

Then there was the tenant prospect who was trying to get some sort of bidding war going on between me and another landlord.  Yeah, right.  As the kids would say.

All I could tell the other landlord when she and I ran into to each other on the sidewalk, after he had arranged it, was that she could have him.  But I didn't.  I'm too professional for that.

However, I couldn't figure out whether the guy was real smart or real dumb.  The jury is still out. 

He arranged to meet me at 4 on a Sunday afternoon.  He had an appointment with her at 4:30.  Meanwhile he kept me tied up showing our unit.  (I'm usually finished with walk throughs within fifteen minutes, tops.)

"You can't give me a washer and dryer?"

Nope.

"Are you willing to negotiate at all?"|
"Yes, but…"

It was not hard for me.  That's because when I asked him what he actually does for a living he couldn't give me a straight answer. 

"I do a lot of different things," he had told me. 

 And he asked to see our paperwork. 

"Yes, we do credit checks."

"I'll let you know if I'm interested," he said.

But all that's behind me for now.  After all, we only have two more townhouse duplexes coming up.  So I'll be handing those over to my sister-in-law too. 

As she stated, " The MLS is powerful."

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Patricia Cornwell, the writer credited with getting many of us interested in forensics, probably should have been doing a little more investigating of her own investments.

She claims the people who were supposed to be in charge of her real estate are responsible for her loss of $40 million.

On the surface of it that seems like a lot of money.

But what went wrong, or better yet, what exactly happened?

Read Patricia Cornwell's lawsuit against real estate managers

Here's a warning.  We keep reading these stories and if you're thinking about turning your properties over to managers as I am now considering, you'd better do your due diligence or else your money could end up in the morgue.

But perhaps Ms. Cornwell could have been a hard money lender.

Here's an interesting article about what hard money lending is and how it can benefit both those with money and those who are anxious to borrow it.

Hard Money Tips 

• The Commercial Real Estate Blog Sphere News And Articles #10 - Circuit City takes the lead and CAP Rates creep up0 Greetings from the birth place of Santa Claus....Cedar Crest, NM! Heading into the climax of the year.....nothing surprises me anymore.  Another bank closure....commercial real estate developers want a piece of the bailout action....Santa Clause gets laid off.  No surprises here.  But what is a surprise is Detroit Lions have yet......
• Real Estate Investments - Good Idea or Bad Idea? Right now, if there was a market that had bad news written all over it, it would be real estate. The housing crisis has made investors jumpy, the economy appears to be tanking and home values are plummeting across the country. Would you believe that this is actually a good......
• Top 50 Reasons To Invest In Real Estate Right Now! Someone said to me the other day, "since we are in a recession, give me one good reason why I should invest in real estate?"   It caught me off guard , I couldn't even answer the question because it was just too overwhelming to me .  I couldn't see how someone could be......
• Ben Stein Loves Real Estate I'm a big fan of Ben Stein's books.I also read his column, How Not To Ruin Your Life. This weeks issue is about letting the non-financially savy spouse in on what to do after you pass away. But best of all, he professes his love for real estate!We're currently somewhat......
• The Foolish Main Street Real Estate Bailout It's this kind of partisan economics that doesn't allow me to be a Democrat, even though I've said goodbye to the Grand Old Party. In fairness, it's only a Beltway rumor, albeit a very prominent one, but still, the implications are so mind boggling that it borders on lunacy. Main......