Wednesday, January 07, 2009

20 Landlord Tips for Newbies

20 Tips I've accumulated over the years
  1. Never call yourself a Landlord or Owner - you are a Property Manager
  2. Get a PO Box and never disclose your home address
  3. Allow up to 2 hours for paperwork before a tenant moves in
  4. The quality of your property determines the quality of your tenants!
  5. Use a competent real estate attorney
  6. Document messages you receive from tenants (voicemail, etc.)
  7. Use a specific key for vacant units - and only vacant units
  8. Use cell camera to snap photo of driver license or applicant
  9. Always dial *82 before calling tenants
  10. Never give tenants your cell phone number
  11. Before processing the application make a copy and mark it 'original', and the other 'Copy'
  12. Document the Date & Time that the form was submitted
  13. Send a bill on the 20th for next month's rent
  14. Use the postmark date on the envelope to determine 'lateness'
  15. Offer day shift officer $50/week to park his police car in property parking lot
  16. Charge tenants $25 for missed repair appointments
  17. Review insurance rates every 2-3 years.
  18. Pay tenants referral fee if they find a new (qualified) tenant
  19. Use dedicated bank accounts for your real estate activity
  20. Use the Equal Opportunity Housing logo on all forms (

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Monday, January 05, 2009

Buildium is #1 in Online Property Management

A nice property management application that comes highly recommended from a friend with over 20 units. Reasonably priced and a free trial to boot.

Whether you're a professional property manager, condo owner or a member of an HOA, Buildium has a property management solution to meet your needs. Completely online with no software to install, Buildium's property management software features full general ledger accounting, budgeting, secure online payments and access for renters, property owners, board members and more.

Friday, January 02, 2009

A new way to pay off your house

A good article on MSN about Home Accelerator Loans. You could pay off your 30-year mortgage in less than half the time - legitimately, with out spending more per month. You may have seen the ads for UFirst and such....

Here is an article on this topic.