Friday, May 25, 2012

A Landlords Rant- Lessons Learned

This is completely unrelated to running unless you consider it running someone ragged.

Lessons learned and misconceptions about landlords and tenants.  I've mentioned this before but if you're considering being a landlord.  Run away!  RUN AWAY!
  1. A landlord must be rich - This is the biggest misconception that I run into. A landlord still has a mortgage, still has bills and still must make repairs. There is no "rich" in landlord. Unless someone has many properties or a spouse/significant other to support them, many landlords have 8 to 5 jobs.
  2. Somehow tenants think a landlord doesn't really need the rent- See #1
  3. A landlord isn't greedy is they charge a late fee- We enter into an agreement called a lease. Whether it is month to month or a years lease, there is an agreement that the tenant pay rent and if not, there is a late fee.  It's not greed.  It's part of the agreement.
  4. A tenant may think it's none of the landlords business what the tenant does - The landlord hopefully has an interest in their property and it is completely their business. Until it come to tenant to tenant disagreements.
  5. A landlord is not a parent or referee that needs to keep the peace between tenants. You are all adults.  Grow up.  See #4 and don't get the landlord in tenant to tenant disagreements.
  6. Landlords shouldn't think that people think like you do. This is a tough one for me to get past.  Not everyone has the same belief or ethics or cleaning habits that I do.
  7. Some people don't mind living with roaches. This is not something I can understand at all. See #6
  8. Some people have no problem living in a house they aren't paying rent for.  Somehow they think they are victims and they are owed. 
  9. It's a good tax write-off. The interest is deductible and the other expenses are deductible as well.  This doesn't mean bad money decisions can be made.
  10. Most of the time the rent covers the mortgage for rentals.  Depending on the mortgage and the rent amount that is a true statement.  However, if the place is vacant, you need to make your mortgage payment regardless.
  11. Sometimes tenants trash the house and cause more damage than the deposit covers. Not much to say to this very true statement.  See #4 and #6
  12. Rules are made to be broken is not something a landlord needs to follow.  Set your standards and stick to them. It's not a popularity contest. The tenants don't need to like you.
  13. Give the 5 day notice (or whatever the first step is for eviction). See #12.
  14. The check isn't in the mail.
  15. Don't give them another day.  You may reason that that it's only one day or two days but don't fall for it.  It's a stalling technique and you can also change your mind and be a nice person later.
That's enough venting for one day.  I think.  Where's my wine to go with my whine?

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