Can you believe it’s fall already? Time has absolutely flown by and I apologize for the extended layoff with videos and posts. I think putting that Screening Course together in August threw me off further than I thought.
On the positive side, I have more information started that I want to get out to everyone and it starts with an interview I did last week with a landlord I’ve been mentoring for the last four years. I’d known Tim before he started in the landlord business and since he knew what I did, he reached out to find out more about being a Real Estate investor.
I think I gave him enough to get started as it wasn’t too much longer before he picked up his first rental property and now he’s got several in his portfolio and isn’t done yet. With an eye for analyzing potential properties he’s done well in picking some properties with great potential, but he’s also had some hiccups along the way.
In this 8 minute interview Tim sits down with me and goes over some of what he has discovered along the way and shares a bit of his story, I hope you enjoy it.
If you did enjoy this and feel your story would be interesting and informative to others I’d love to set up an interview with you. Since our readers are scattered all over the country I can do interviews via Skype if that works or I can even set up an online meeting to record our conversation.
To get started, email me at info@TheEducatedLandlord.com and let’s help make you famous!
Bill
Thanks for all the great insight on how to get started the right way. Being new, there are questions I have that I’m unaware of UNTIL you answer them! The videos are wonderful. I look forward to more.
Hi Bill!
How do I find the information about local laws about leasing and such that you mention in the video?
I’m not a landlord yet….I’ve done it once. It was an ok experience. We sort of became friends with our tenants, still are several years later and that made the tenant/landlord relationship business a little awkward and I sort of paid for it in the end with a couple late payments and a couple damages that were small that I just overlooked because…of the “friend” thing. Yes, lesson learned there.
My husband and I ended up moving back in it at the beginning of the economic downturn. It’s just a much cheaper place to live and I took a big hit financially, lost my job…finally got a job but made far less…common for the times in the past couple years.
But I’ve owned the 1 bedroom condo for about 8 years. So, you know I purchased it in the height of the market. But I put a lot of money down making my payment far cheaper than rent, even with the condo fee.
I’ve been wanting to move for a while now. It’s only 1 bedroom…it has fantastic rental appeal because it’s next to the park and ride commuter bus station and super close to shopping. Too close if you ask me….I’m a country girl. When I bought, being this close to everything was exciting. That lasted a year.
Anyway, I’m sure you can imagine, I’m under water. I owe a bit more than it’s worth. For the last two years, we’ve been just watching the market, really wanting to sell. Well, I have equity in my place, if it were valued at what I bought it for….8 years ago. But, I just saw a two bedroom place sell for just a little more than what my current loan amount is.
As exciting as that sort of was, it’s not enough to make me put my 1 bedroom condo on the market because I would would lose so much money and I would still have to pay at closing table. I’ve even resigned myself to what I’d be willing to lose…if it came down to it.
We’ve resigned ourselves, mostly me, that if I want to recoup some of my money (I was single when I purchased this place)…we will have to rent it out and be landlords. Which brings me to your site.
I keep saying this is the last year we’ll live here, hopefully moving in the summer if all goes well. We’re actually trying to pay off all our debt. Long story short, We found Dave Ramsey 2 years ago. I’m willing to hang out for one more year but I’ve read that rents are supposed to increase. Good for being a landlord…but not so good for being a tenant, and right now, if we move this year, we’ll have to be a tenant in our next place. If we hang out one more year, we could probably save enough and buy something small in the single family home world.
That’s a story for another day.
BTW, the condo is 20 to 30 minutes for our nations capital and is located outside the city limits of the Sailing capital of the world. You’d think the market would be good…but not here because our community is so small. The places rent fast, tho…
Anyway, this is long enough…but I just really wanted to share and maybe give you some inspiration for your next post…I just know it’s helping me to prepare and think about the process.
Thank you!
Cj
Hi CJ,
One of the first places to start is with a simple Google search. Most states and provinces have their own specific rules and often even in specific cities you will find tweaks to the rules. This can range from rent controls to bylaws about smoking, number of tenants per property and even more.
As a quick example if you were in Newport Rhode Island, type in Newport Rhode Island Landlord Tenant Law to get started. There are a couple links that pop to the top including the Tenants Right handbook which would be a great place to start.
There is also the Rhode Island Landlord-Tenant Handbook that will walk you through the basic rules.
This same search can be done no matter where you live and should have similar results. You can modify the search to just include the state or province and you may even be able to call your local government offices to get directed to specific departments that usually have some sort of free handout for both landlords and tenants.
The important parts for you to consider are getting a solid lease, making sure you screen tenants properly and understanding the rules of what you can and cannot do. If you start there you’re well on your way, just try to avoid becoming friends with the tenants again!
Regards,
Bill
Bill,
Another informative and practical video in your excellent series. Over the last year I have greatly appreciated your suggestions and advice on how to manage rental properties and (more importantly) the tenants who live in them. As a landlord with two properties who is coping with the economic downturn here in Ireland, your advice is particularly important and relevant to my efforts in keeping the show on the road.
I just wanted to say a very sincere “thank you” for sharing your advice. If you are ever in Cork, Ireland, I would love to buy you a beer.
Kind regards,
David.
Wow, I’m simply floored David.
When I started this site, I hoped to help landlords across North America, but seeing your comment and hearing you’re from Ireland brought a huge smile to my face. I’m ecstatic that the info I’ve been providing has been helpful to you and it shows that the basics of landlording really do apply everywhere.
Thank YOU, for taking the time to leave me a comment and if I ever head over the pond again, I will be looking for that beer.
Bill