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Be Patient Screening Tenants
Rental real estate is a solid way to make money. I'm particularly fond of residential properties, because people have to live somewhere. But it's not for the faint of heart. I've seen it more than once: the first mortgage payment is due and the contractor isn't done with the renovations yet, or three tenants are moving out in the same month, or the partner (the one with the money) is walking away and leaving you to handle it all. It's very scary, and this is when the worst mistakes a landlord can make will happen. When you're up all night trying to figure out how your dreams became a big financial burden is not the time to be making decisions that could affect your livelihood and quality of life. Real estate is an investment, and treating it like a business is the only option. If you're in a bad situation, you might rush the contractor and force him to cut corners that will bite you in the ass later. You might decide on a marginal prospect and get a tenant that pays for one month but lives in your investment for seven more as you try to get her out. You may consider selling the building in a down market to get out from under, and take a tremendous loss that will set you back for years! If this sounds like a place you're in now, take a step back. Your situation may be bad, but acting rashly is bound to make it worse. Desperation will only dig you a bigger hole. There are banks, relatives, friends and even the Small Business Administration that might be able to help you with financing to get through a rough spot and to keep you from making bad decisions out of fear. Like it or not, short time challenges are going to crop up and if you don't have the iron constitution to stay the course, you're going to need a trusted friend or advisor to help you keep things in perspective. Let's take tenant selection as an example. The first property I owned had two units, and one of my tenants moved out at about the same time my job required me to spend a considerable amount of time out-of-town. I was advertising the vacancy, taking the calls on my cell phone, and driving a hundred and twenty-five miles each way whenever I had to show the place. The stress of trying to fill the vacancy at a distance was high, and the mortgage payment that I could no longer make just added to the knot in my gut. Three weeks into my search I found someone who had a decent job and passable credit. Best of all, she was able to move in right away. Without more than a cursory glance at her references (and no follow-up questions about how she had come to need housing so desperately) I signed a three-year lease with her. A three-month lease would have been a better choice, because that's all I got out of her. The excuses were varied, and the apologies sincere, but the money was late, lacking, and finally not at all. Since tenants don't care to call up landlords when they owe them money, I also didn't find out about the sewage backup in the basement until it was five feet deep. All in all, by giving into the anxiety of having a vacant apartment, I lost over seven thousand dollars in repairs, court costs, and unpaid rent. And that sort of tenant is almost worthless to file a judgment against, since collection is all but impossible. The exact circumstances will vary, but if you recognize the factors that fed my impatience, you may be able to avoid my trial by fire. If you're not in a terrible situation, keep out of it! Plan ahead. Do you have an emergency cushion of at least three, but preferable six months of expenses? Do you know someone (friend, relative, property manager) who could take on new or add to existing responsibilities to keep things moving should you become laid up by illness or injury, or called away due to some life circumstance? Are your important real estate papers organized, with a list of them in the hands of your attorney, your spouse, and at least one trusted friend or associate? Is your will updated to include all of your properties, and all of your heirs? And perhaps most important: are you trying to go it alone, or do you have someone you can bounce ideas off of, someone whose input and insight you value and trust? Careful planning now will enable you to be patient later, when it really counts. Don't let fear deprive you of reason. © 2005 Terence P Ward, all rights reserved.Terence P Ward is the President of Landlord for Hirehttp://www.landlordforhire.com, a residential property management service of Green and Clean Corporationhttp://www.Green-n-Clean.biz, based in the Mid-Hudson Valley of New York State. You may find contact information for him on either of his company's web pages.
MORE RESOURCES: Jake Paul Closes One Of The Largest Real Estate Deals In Georgia History With $39 Million Purchase of 5,600-Acre Ranch Yahoo Finance New Jersey tops nation’s highest property tax list at $9,413 while southern states offer relief New York Post Real estate inquiries by wealthy New Yorkers into Florida properties jump 50% after Mamdani primary win Fox Business Hoby Hanna: Zillow is ‘overstepping,’ limiting ‘creativity’ Real Estate News by RealEstateNews.com Real estate sales in Peoria, Tazewell and Woodford counties for July 12, 2025 Peoria Journal Star Real Estate Fears: 10 KM Ban Near New Airports?.. Great Andhra What renters really want | Real Estate Newsletter Inquirer.com Despite signs of market rebalancing, real estate in this NJ town remains hot. Here's why Bergen Record Real Estate Property Transfers Spring Hill for June 16, 2025 Williamson Source Central Mass. real estate transfers, Sunday, July 13 Worcester Telegram Real Estate: Immaculately Maintained & Move-In Ready Home sanangelolive.com These are the forgotten NYC nabes that became real estate hot spots in the last decade: report New York Post Cape Cod House Hunt: West Yarmouth house is close to Seagull Beach. See the photos. - Cape Cod Times Golfer Bryson DeChambeau's Massive Real Estate Investment Has Eaten Up Most Of The $125 Million He Got Paid To Switch Tours Yahoo Finance Buyers wary of surprise HOA costs now have a safety net Real Estate News by RealEstateNews.com Compass to share exclusives — if brokers, MLSs play by 2 rules Real Estate News by RealEstateNews.com NYC Real-Estate Execs Throw Money Behind Adams to Counter Rise of Mamdani The Wall Street Journal Real Estate Newsletter Articles this Week: Months-of-supply is higher than the previous 8 years! Calculated Risk 'Married To Real Estate' Canceled After Four Seasons On HGTV, Say Hosts Egypt Sherrod & Mike Jackson Deadline ‘A win for the kids’: Local real estate company launches initiative to help at-risk youths Daily Memphian RNR Real Estate Briefs — Texas & more Realty News Report 'The part no brochure tells you': Real estate advisor exposes legal landmines Indian buyers ignore MSN Tampa real estate investment firm under investigation for potential deceptive practices Florida Politics Real estate investors are purchasing more U.S. homes as high prices lock out would-be buyers CBS News Senior Spotlight: The Grand Junction Daily Sentinel $400 Million Family Lawsuit Involving Prominent Fullerton Real Estate Figures Part 1 Fullerton Observer A tale of two Floridas: Real estate industry torn over DeSantis' push to eliminate property taxes Fox Business 2025-2030 Five-Year Housing Market Predictions U.S. News Real Estate Mortgage Rates Predictions for the Next 6 Months: August to December 2025 Norada Real Estate Investments Department of Taxation and Finance dos.ny.gov Florida real estate: See the most expensive home sales across the Treasure Coast in June Treasure Coast News Yes, Your Front Yard Might Be Too Busy—6 Things Real Estate Pros Say You Should Ditch - The Spruce OT Real Estate Spotlight of the Week: 1555 Graves Lane The Owensboro Times Confusing housing stats & real estate nerds Sacramento Appraisal Blog Real estate boss targeted in San Francisco with smear campaign The San Francisco Standard Real estate CEO warns of growing ‘exodus’ as people have ‘given up’ on California — but where are they going? Yahoo Finance The Michael Houck Real Estate Guide for July 13th Oil City News How downtown Natick MA has become a focal point for redevelopment MetroWest Daily News SERHANT. hits DC; Elliman snags ‘Million Dollar Listing’ star Real Estate News by RealEstateNews.com Top 10 most expensive homes sold in Petaluma last week The Press Democrat Here are recent property transfers up to $970,000 St. Albans Messenger Landmark Tax Reform Brings Major Wins for Real Estate National Association of REALTORS® Here are businesses on the move in Marin, Solano, Napa, Sonoma and Mendocino counties The North Bay Business Journal Mortgage Rates Today – July 12, 2025: Rates Rise Across the Board for All Loan Types Norada Real Estate Investments Aspen Real Estate Snapshot, June 23, 2025 Aspen Daily News Top B2B Platforms Transforming Tokenized Real Estate Markets Herald Where are home prices falling most in America? This SWFL community made top of the list Naples Daily News Agent Spotlight: Katie Coleman The Grand Junction Daily Sentinel Home prices in Colorado Springs hit record high, even with many homes for sale Colorado Public Radio Blackstone, PSP reportedly among consortium in talks to acquire H&R Real Estate Investment Trust Pensions & Investments Wichita Falls ISD teams with Bishop Real Estate to sell Kirby Middle School Texomashomepage.com $1.225 million Symmes Township home sale among the week's top property transfers Cincinnati Enquirer Business titans are plowing millions into Mayor Eric Adams’s reelection campaign efforts - Fortune |
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