I have had rental houses now for close to thirty years. The first two where houses my Great Aunts lived in. I have had very few problems in that time. I chalk that up to having been lucky and really checking out who I rent to.
Here is a list of things I have done that I think helps when renting:
1)I had a real estate license in the late 1980s. The greatest thing of value out of it was the real estate law class I had to take. I found out what you can and can't do when renting. The fellow teaching this class was a real dark African American that was a assistant county attorney. He made a statement that has stuck with me to this day" You can discriminate based on color as long as that color is GREEN!!! " LOL HE is right too.
2) My Grand Father rented out houses he would not spend a dime extra on the houses so he always had the lowest rent in the area. He had constant trouble. So I keep all the houses I own in good repair and charge a higher rent based on that. My rents are at the higher end of this area. You prevent much of the trouble this way. Most low life's do not have the money for a good deposit and two months rent on a higher rent. My average renter is either retire couples that just do not want to own anymore or younger couples that are just married getting started out.
3) I have a three page application that two different real estate lawyers wrote and vetted. I paid well over $2K just to get it right. I require THREE verifiable references. Then the financial ability to pay the rent which means work or retirement income verification. This includes a minimum household income of 5 times the annual rental. So if the house is renting for $750 per month then their annual house hold income needs to be $45K. I do a credit report with an agency that gives me Two of the three Credit reporting companies reports on the person(s). That alone costs me $75 each.
4) My rental agreement allow me a once each month walk through of the property. I do this when I collect the rent. It is the First Monday of each month. So it is an announced visit so it is legal. I walk through the entire house. I tell them I am checking the smoke detectors which I actually do. This allows me to check the house out but it also saves me a little on insurance as I have verified the detectors are working.
5) I respond right now to complaints of things wrong with the house. If that is the furnace not working at 4 AM then so be it. I do not put off repairs. If I can't do them myself I hire it done ASAP.
6) I am a hard butt on the rents. It is due the first Monday of each month. PERIOD I do not care if your Dad died, your cats sick or etc. The rent is DUE!!!! I evict first late pay. Period!!! I tell people that up front and I have only had one adverse eviction in all the years I have rented. Most move out themselves.
I know these things may sound like I am being hard on people. These are the things a bank or other financial business require if you deal with them. So why should a private person renting be any different????
My average rental length is just over 4 years. I do work with people as long as it is before there is a problem/issue. I have one couple that when they retired they wanted to change the rental payment agreement. They wanted quarterly payments instead of monthly payments. They had some type of investment that paid quarterly dividends. That was fine as we agreed on it before they where late on the rent. They actually pay me annually now and in return I give them a 15% discount on the rent. They have been renting from me now for 11 years.
So I think it is area, rent amount and the landlords that make the difference. Many set themselves up to fail with low quality houses that earn cheap rents that attract the low end of society and all their associated problems.
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