The best advice is usually from someone who has been through the same experience you need advice on. For example, men can’t give accurate advice on childbirth because they have no idea what it’s like. This article is part of a series of interviews with landlords that shares their advice and experiences for other landlords to learn from.
Q - How long have you owned rentals?
A - 10 years
Q - Why did you decide to invest in real estate and become a landlord?
A - My husband thought it was a good idea and I agreed. It’s a nice, sound investment that’s not going anywhere. And with rentals you have renters who help pay the mortgage each month.
Q - What has been most challenging?
A - Screening applicants and finding good renters
Q - How/where do you list your properties?
A - Online. We list on craigslist and KSL, which is now managed by rentler.com
Q - How do you weed out your applicants?
A - We use Western Reporting for our background checks and I focus on the credit score. If they have a good score, there’s a 99% chance they will be a good renter. If they have a bad score, there’s 100% chance they will be a bad renter. I have made exceptions in the past but have regretted it every single time. They have been difficult and hard to get rid of. However, no one has ever paid more than ten days late and we’ve never had to evict.
Q - What do you enjoy the most?
A - I like dealing with people, with nice, appreciative renters who recognize when you’re trying to keep up the property. Also seeing the equity of the properties increase is rewarding.
Q - What should every landlord know?
A - Credit score, credit score, credit score. I never make exceptions anymore and haven’t had any problems. If you don’t want to have problem tenants, run your screenings. I screen every applicant very carefully - I get their background checks, look at their credit score, and I call previous landlords. I ask questions like do they smoke, do they have pets, do they pay on time, did they give sufficient notice, any violations… Thirty minutes of effort can give you a peaceful year. And evictions always take longer than those thirty minutes of effort beforehand. I also hate to clean so when I have a renter that is going to move out I give them a detailed list of everything they have to do, like move the fridge and wash the floor, then vacuum the coils. If they do everything on the list I give the full deposit back.
