"Precarious and Unpredictable"

Someone on Twitter decided I needed to read this riveting story. I don't know the person who sent it to me. Nor do I know the identity or credentials of "realestatechief". But, in case you want the Reader's Digest version of the last several years of this blog, here you go. Except number 3. No. No. No.

I left a reply for Realestaetchief about Number 3, but the author chose not to publish it. It went like this: Do not "reward" your tenants for doing what is contractually obligated. This is a business relationship. The IRS does not reward you for paying your taxes. The mortgage company doesn't reward you for paying your mortgage. Additionally, personal relationships can come back to bite you in a court of law.

Some of you three long-time readers may remember, I once said "Happy Mother's Day" to a tenant and spent two hours in 2011 testifying against her because of something so innocuous.

Maybe I will write a post later titled, "5 Tenant Tips for Not Annoying your Landlord." But not sure I can stop at 5.

Update: realestatechief wrote me back: he said, "Obviously you only do this with good tenants." No. No. NO. Please don't do this with any tenants. 

5 Tips for becoming a successful Landlord 

by realestatechief 

The path to becoming a landlord can be precarious and unpredictable. The lessons you learn as a landlord are often costly and time consuming. In my few years of being a landlord I have learned some incredibly important tips.

1. Don’t let a good tenant go over desire to minimally increase rent. Greed is toxic. It destroys all relationships. For a minimal increase in rent don’t risk losing a good tenant. A 25 to 50 dollar increase every month is not worth losing a tenant who pays on time has kept your property clean and is trustworthy. Keep good tenants happy.

2. Keep your property clean and renovated. You don’t want to attract the wrong type of tenants. Uncleanliness and disorder in the property you own will breed that sort of behavior with your tenants.  Floors bathrooms kitchens and light fixtures should always be updated. This will attract clean and orderly tenants. It is a wise decision to do this trust me.

3. Reward good tenants with holiday gifts. Even a 5 dollar Starbucks gift card given to your tenants will make them happy. These little tokens of kindness go a long way and are very meaningful. Any good relationship even if it’s a tenant landlord one requires work and sacrifice.

4. Avoid pets. Pets ruin properties. They damage wood eat everything and can cause significant damage. Be careful when it comes to pets.

5. Choose tenants very wisely. Screen your tenants. Low credit scores and bad background checks are grounds for dismissing a potential tenant. Felony charges on a potential tenant are a definite no.
Always remember that the tenant landlord relationship is very important and must be maintained. Keep your tenants happy and you will be content as well.