This Tip Will Save You 90% of Landlording HeadachesDec 07, 2022
Here is how telling your tenants that you're a "BAD landlord" can save you 90% of the headaches that come with owning rental properties.
Most people take the wrong approach with their tenant; wanting to be friends with them and telling them to call if they have even the smallest of inconveniences.
You do this, and you'll get clogged toilet calls at 1 a.m.
I don't even want to unclog my own toilet at 1 a.m.
So when you're at the property signing the lease, make sure you set the stage with the tenant the right way. And that's not by inviting them over for a get together at your house.
I start by telling them upfront I'm not a good landlord.
I warn them that if they call me at 1 a.m. there's a 100% chance I'm not answering and just as good of a chance I'm not calling them back.
I tell them the toilet isn't clogged now, so anything that happens after I leave is on them to fix, unless it's something major.
I know that sounds mean... but you should trust me on this one.
If they fix any minor problem with the home and send me the receipt, I'll take it off the rent.
I'll even do the same if they want to make non-essential improvements to the home to make it better to live in.
This improves both of our lives, so why not?
I do tell them to call me on the major repairs, like if the AC goes out, septic gets backed up, a water line gets ruptured, a leak forms in the roof, etc. The big things.
The next thing I tell them is rent is expected on the first of the month and late after the fifth.
I have a pretty simple sliding scale late fee I use that looks like this:
5% late fee after 5 days, 10% late fee after 10 days and 15% after 15.
That can add up pretty quickly...
Aside from that, there's no reason we should ever talk, I tell them.
Whether you like what I've said or you now think I'm a big jerk, these rules have a track record of setting the stage for a professional relationship with my tenants.
I have been a landlord for about 26 years and, while I had to learn the hard way, I've spared about 90% of landlording headaches with this.
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