Category Archives: Property Management

Property Management Done Properly

Property management is hard work. It takes discipline to do the due diligence. It takes a “hard heart” to not believe everything you hear. And it takes fortitude to make tough decisions.

The single best thing you can do when renting your investment property is proper tenant screening. Interview them. Let them interview you. Ask questions. Lots of questions. And do background checks.

Here you will find a link to a blogger I found very recently. This short blog says a lot. Take the time and make the jump. It’s short. Succinct. To the point.

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Finding Quality Tenants for Your Rental Property is a Blessing!

Finding a quality tenant for your income property can be a daunting task. It takes proper screening, a little bit of a gut feeling, and some luck. But when you have them, great!

I manage a property for one of my out of state clients. Both sides are Section 8 through the Independence Housing Authority. One tenant was in when my client purchased the duplex, the other we put in shortly after his purchase. And we got a couple of good ones.

First, working with the IHA is a delight. They are reasonable, responsive and fair. The IHA did their annual review of the property on the east side and came up with a list of about 7 repairs that needed to be tended to for them to continue to work with us. Little things like a slow drain, a missing dust vent, etc. I determined the necessary repairs and called to make an appointment to get them fixed. The phone had been disconnected.

Now, an experienced landlord would immediately begin to worry a bit. If the phone is being turned off…

I decided to deal with it the next day. I would drive over, put a note on the door to contact me and to notify of when I would be in to do repairs. But before that time came I got a call from the tenant. She wanted me to know her new phone number and that she had completed repairs on all but one of the items. An item she didn’t know how to do. Could I help?

Well, of course. I was excited that the letter of repairs that she had clearly stated that it was the landlord’s responsibility to make these repairs. But she felt that the little repairs were her or her children’s fault and that she wanted to take care of them.

That, my friends, is a quality tenant. And believe it or not, there are plenty of them out there. I think a lot has to do with my landlords. I will not manage a property that is not properly maintained. If something is broken we get it repaired. We respect the tenants. In turn, they respect us. (Is Matthew 7:12 coming to mind?)

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Rental Property Rent Price Evaluations

Here is a neat site I found regarding rents rates for your income properties. I originally found it here. So I want to give credit where credit is due.

It’s not exact. But then nothing is. Just go to rentometer to see how it works.

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Collecting Rent in Kansas City…or Anywhere

Listen, most of us don’t want to admit it but money makes us make silly or bad decisions at times. And KMBC news reports that a terrible decision was made today by both a landlord and tenant in Kansas City.

No details were given other than the tenants were moving out. I can only assume rent was still owed and the landlord wanted it. But reasons are not what is important here. What is important is that one man has lost his life. Another is in the hospital and facing capital murder charges.

Don’t get yourself in this position. Hire an attorney, a property manager, whatever. Just don’t risk your life or freedom for one, two or three month’s rent. The trade isn’t worth it.

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HotPads.com – Find & List Rental Housing

Looking for a place to rent? Or are you a property owner looking for a good tenant?
You may want to check out HotPads.com. I had heard of this site sometime back but had forgotten about it until earlier today when I was bouncing around the internet between appointments. I was blown away.

The site is pretty impressive and is a good resource to find your next rental house, or, if you are a property owner, to list your home. Go to the site and check it out. If you have had any experiences with HotPads.com before drop me a comment or an email and let me know how it went for you. I’m curious to know!

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Social Serve – Affordable Housing Connection

It’s a snowy day here in the Heartland. (Come to think of it, I cannot think of a single day since January 7th that I haven’t had snow on my front lawn. That’s not common here.) So I’m thinking of a couple of properties that I manage that will come vacant this spring. Both are owned by landlords that do not mind Section 8 tenants so long as they are properly screened and have money for security deposits.

Social Serve is a .com that I have used previously with pretty good results. If you are a landlord or a property manager you can use them to list your vacant rentals and people who have qualified for housing assistance can cruise the net looking for a place to live and find yours! The last time I used them (fall of ’06) I probably received a call a day through the service for the first week the home was listed and about a call every three days after that till we selected a suitable tenant.

Social Serve does not screen the tenants. That’s your job. They don’t pay the rent. They really don’t do anything except provide one more place for you to get the word out so that you can get that income property bringing in income, again. Give them a try. They are in many states across the country. I’ve been pleased.

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Section 8 and the Income Property Owner

As an owner of income property sooner or later you will be asked if you accept Section 8 tenants. Before you answer the question it is my hope that you will have thought about the question in advance. Because my answer to prospective tenants is not a simple “yes” or “no”. It goes deeper than that.

To many landlords all Section 8 is the same. But nothing could be further from the truth. I’ll give you a for instance at the risk of recurring wrath. In my future dealings I will never again recommend to my clients, or myself, to take on a tenant from the Kansas City Housing Authority. And sadly, my decision has nothing to do with the tenant! It has to do with the KCHA. In my dealings with them, and I swear I am not making this up, I have called them over 80 times for every 1 phone call I get back from them! (And yes, I have logs.) Employees leave without ever terminating their voice mails. Inspections are skipped. Reports are never forwarded. Calls not returned. Have some fun some time and try to call in on the main number. Let me know when they answer.

On the opposite side of the issue you have the Independence Housing Authority. Here you have a group of people who understand they are in a business that deals with human beings. Calls are always returned, sometimes within an hour, or so. Communication is excellent through mail. Appointments are kept. Payments mailed on time, every time.

Now I ask you, as a landlord, who would you want to accept tenants from?

Another thing for the savvy landlord to consider is the security deposit. Most (I haven’t run into any) housing authorities will not pay a security deposit. So if you are going to get one, and I recommend you do, it will have to come from the perspective tenant. If they cannot get a SD, I recommend you move on.

And lastly, as far as this blog is concerned, an issue of fairness and compliance must be addressed. I have heard landlords quote different prices to tenants based on their ability to pay or if Section 8 is to be involved.

“The rent is $695/mo with a $500 security deposit.”

“I am Section 8 approved up to $725/mo.”

“Well, for Section 8 the monthly rent is $725/mo.”

Be careful. For here you are on very dangerous ground…

To discuss this topic further be sure to leave a comment or email me!

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