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101 " According to HUD, a reasonable occupancy limit is two per bedroom under the Fair Housing Act. "
― Brandon Turner , The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits
102 " never let them get more than two weeks behind, don’t make it a habit, "
103 " One of the largest expenses you will face as a landlord is tenant turnover. Every time a tenant packs up and moves, they leave a trail of dollar bills flowing from your bank account. "
104 " Adopt a policy of fair-but-firm when dealing with late rent, and the issue won’t leave you bankrupt. "
105 " Another good option for showing your rental to multiple people without wasting multiple trips is scheduling showings fifteen minutes apart. This gives you the best of both worlds in a small amount of time: dedicated one-on-one time with each person, while also overlapping each appointment with the next, letting each person know there are others interested and creating that feeling of competitiveness. "
106 " Excellent credit: 781-850 • Good credit: 661-780 • Fair credit: 601-660 • Poor credit: 501-600 • Bad credit: Below 500 In "
107 " as numerous individual colored folders, one for each of the following categories: • Insurance info • Mortgage info • Purchase docs • Monthly income statements • Bank statements • Tenant interactions • Rehab and maintenance • Tenant files • Receipts • Miscellaneous paperwork This way, each property will have one overarching folder file, as well as several color-coded folders for easy retrieval of information. Need insurance docs for 123 Main Street? Oh, that’s in the 123 Main Street file, red folder. "
108 " Excellent credit: 781-850 • Good credit: 661-780 • Fair credit: 601-660 • Poor credit: 501-600 • Bad credit: Below 500 "
109 " If they end up calling at the property wondering where you are, you know they aren’t very good at following simple instructions. "
110 " For more on this inbox system, be sure to read David Allen’s book Getting Things Done. "
111 " The biggest drawback to a sign is instant notification of a vacant house to any would-be criminals. "
112 " That said, when small contractors submit a bill to us, we will often pay it immediately, as we want to reward excellent work and to be known among our private contractors as quick-paying. "
113 " Michael Jordan) once said, “Some people want it to happen. Some wish it would happen. Others make it happen. "
― Brandon Turner , The Book on Rental Property Investing: How to Create Wealth With Intelligent Buy and Hold Real Estate Investing
114 " If you do plan to rent to someone who has a bankruptcy, it would be wise to require a double security deposit for added protection. And, of course, they better meet every other one of the qualification standards. "
115 " go to school, get a great job with a great company, and be responsible” household. "
116 " As we discussed briefly in Chapter 4, federal law currently prohibits landlords from discriminating against prospective tenants who have had a felony conviction for drug use (as drug abuse is seen as a disability and is therefore covered under Fair Housing Laws), but not drug sales or manufacturing. "
117 " As famed business leader Jim Rohn says, “You are the average of the five people you associate with the most. "
118 " Can I pay my deposit in installments?” The landlord should always collect all of the move-in funds in full prior to letting the tenant obtain occupancy. If they can’t afford the security deposit, they probably aren’t very good at handling their money. This is a good indication you’ll have trouble later. Early in our career, we used to allow tenants to do this until we realized that it never worked, not even once. Unless you enjoy chasing down security deposit payments on your weekends and evenings, simply respond to this question with a firm, “Our policy states the security deposit must be paid in full prior to getting the keys. "
119 " Always require that the security deposit be paid in full along with the rent prior to the tenant obtaining occupancy. Allowing a tenant to pay their security deposit in installments after they have gained occupancy is never a good idea for a few reasons: 1. Any financially responsible person should be able to afford the move-in amount required for the property. If they can’t afford the security deposit, you may want to reconsider your screening criteria. 2. It sets a bad precedent from the very beginning that you are the type of landlord who is wishy-washy and will negotiate on important matters. Don’t negotiate on important matters! "
120 " It’s definitely our goal to make sure all our planned turnovers happen during prime moving season between June and September, so we work our leases with that in mind. "