Tuesday, 22 December 2015 00:00

Famous or Infamous Landlord Investors

fame The right kind of fame.

Recent landlord news over the past few years shows an increase of landlord fame, although not famous for the reasons they might wish. With a bit of planing and teamwork you can avoid increased insurance costs, remodeling costs, legal fees, administrative charges, and fines related to the "wrong" kind of fame.

Stories abound on not so lawful methods utimately being employed in order to get rent from a "Slick Willy" mooching renter. Some of the stories are almost as funny as college pranks such as removing the front door entirely instead of just padlocking it shut. Other methods make the news as our following frustrated Landlords did.

Famous Smokey the Bare

Tenants in Ogden, Utah made one Landlord famous on Channel 2 KUTV CBS News after his rental property ended up bare from a fire that nearly took the lives of the apartment dwellers.  Smoke alarms could have alerted tenants that the building was burning but, were not installed despite having been asked multiple times prior to the fire.

Army Vet Service Dog Gets Lanlords Boot

Army combat medic vetern claims landlord forced him to vacate in dispute over “service dog”.  How would you like to be the landlord making that kind of fame in "The Buffalo News, front page of the City & Region Section.  

The Landlord Godfather

Landlording in some locations attracts less than adequet paying renters. There are many laws that protect renters enabling them to essentially become squatters on the property.  This frustrates any landlord trying to offer someone a place to live, and rightly so as this is not just the landlord's passion, its also his bread and butter.

The news says the landlord drove his tenant to a Cemetery by tricking him with an offer to take him to Mc Donalds. Near one of the graves, the landlord pulled out a pistol, and pointed it at the tenant while yelling 'where is my money.' The Oscoda County court outlined three fonly charges against the landlord, felonious assult, armed robbery, and unlawful imprisonment. If convicted he faces life in prison.

Investment Growth Management

As profits rise in the rental investment business so does the increase in interaction of renters and thus an increas of potential incidents with renters. Be smart, keep a buffer between you and your renters to avoid unnecessary conflict and confusion.

How does one use buffers?

Use a property manager, collection agencies, lawyers, and the courts.  Work directly with your team to make sure saftey, rent collection, and proper maintenance is handled correctly.  After all, providing homes for families is your passion and investment, make sure your fame comes from success in that, the alternatives are well, just down right infamous.

Buying a rental property for your current portfolio can be a great experience, and with proper preparation comes insured success. By managing your current obligations a good step back from the situation you can see the forest through the trees.

Rental Home Financing’s new buy to rent loan programs offer real estate investors a powerful tool for maximizing current opportunities, take advantage and call us today!

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