OfflineWhen your a landlord you're in a much more financially demanding position than the tenant. As the landlord, you own the property. You stand to reap all the profits if values go up and to lose a significant amount of money it they go down. You also have all th eresponsibilities of paying the taxes, insurance, and mortgage as well as paying for repairs. The tenant has none of those responsibilities. He or she only has to get the rent in on time and keep the place reasonably clean. Because of the different responsibilities, you can never be on the same level as the tenant. The property is always going to mean more to you than it does to the tenant. And you are always going to have to be in the position of having to hold tenants to the terms of tenancy they agreed to.
When your a landlord
Posted on: Sat, 10/31/2009 - 23:01
You are so right. I work with my tenent and have allowed them to break several rules like having animals and extra family live with them. Now there's all kinds of animal damage to the woodwork and more visitors and overnight guests because of the extra non-paying family members.
Thanks for sharing the insight. I had a friend that has lost 3 tenants in the past 6 months. The tentants wanted to break the year lease because they either wanted to move or purchased a home because of the tax credit. They even went as far to tell the landlord there was mold in their bathrooms or basements.
It appeared they wanted to try to make an issue to get there security deposit refunded. My friend returned it to avoid issues even though they broke the lease. Thus, a good idea is always remember to take pictures of the unit prior to move in and when the tenant moves out. You can attach the pictures to the lease and have the new tenants acknowledge them. Believe and Achieve!
- Joe
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REI meeting an investor said that these days he has had more problems with destructive tenants than he used to and ends up spending a lot in rehab costs after they move out. Don't know any more details than that.
Joe, that is a good idea about the photo's. We took photos. We also included in the lease that they let us know about any problems in the property early so that we could fix it before it became a major expense.
We allowed people to have pets and took a non-refundable pet deposit. We also requested a copy of their pets vet records before they were accepted as a tenant. It showed us that they were responsible pet owners. We were lucky with this, thankfully.
with the exception of 1 tenant we had GREAT tenants who kept the place clean, one couple even planted some beautiful plants. After one of the hurricanes they removed a tree (we had every intention of doing it but they took it upon themselves) and replaced it with a bird bath and planted pretty plants around it. The other tenant wasn't destructive but was an angry person and unpleasant to deal with.
Lea
SPR Property Solutions, LLC