My Rental Property Coach

Buying your first rental property is a big decision.  You know why you want to do it…to increase your wealth of course…but taking that first step and buying a property is huge! What are your biggest fears as a new real estate investor and landlord? I bet I can list almost all of them here as I’ve heard them before from new landlords and also experienced them myself when I was first starting out: I’ll pay too much for the property I don’t know if I have enough money to do this I don’t know how to set this all up at the bank I’ll end up with a money pit that needs constant repairs I don’t know how to do house repairs I won’t know the first step about being a landlord I won’t know what forms to use for my rental property I won’t know what to charge for rent I won’t find any tenants and my property will sit vacant for months If I do find tenants, they will be the tenants from hell I’ll get a million calls in the middl...

As a landlord, whether you are just starting out or have years of experience, there are always going to be bumps in the road. You can be well organized, prepared and have all the best systems in place but eventually there will be a crack in the armour. And when these cracks appear, how you handle them is what matters most. What Can Go Wrong? From poor tenants to costly property repairs, things don’t always go as planned. On the tenant side, some people are very savvy and have made lying an art form. When they get past your radar and take up residence, they can make your life very difficult until you can remove them. Regarding repairs, sometimes the rental property you purchased can turn out to be a bit of a money pit with far more expenses than you anticipated. And sometimes, when it rains, it pours.  Everything seems to happen at once, like one property remaining vacant for an extra month or two, and another with some major repairs that need to be done – putti...

Evicting a tenant can be a stressful, tedious process if you aren’t sure of the proper steps to take. There are all kinds of situations that can lead to an eviction but the most common one is missed rent payments. The First Steps If you find yourself in a NSF situation, meaning that there are N on- S ufficient F unds in the tenant’s bank account – or they have failed to send the rent at all, things can go one of two ways; they can go well (the tenant pays you for the missed rent and NSF charge in a timely manner) or, not so well (the tenant misses this payment entirely and possibly more rent payments). If things go in the latter direction it is very important to act. The first step is to send them a default notice . If they don’t respond to that by paying you the missed rent, the second step is to start the eviction process . Don't Delay This is where some landlords make the mistake of using their heart and not their head. You hear all the t...