Most Real Estate Investors, as landlords, want to get out of the business as quickly as they got in. Many mistakes have been made along the way in their career and they have nothing but problems with tenants. This is very common but can also be easily remedied.
Mistakes made by many Landlords
The 10 most common mistakes landlords make are:
- Their screening process is flawed (landlords often rent to anyone if they have had an empty unit for any length of time.
- They do not do repairs on time (the biggest reason why tenants move out is the landlord neglects the repairs)
- They do not have proper leases ( the lease should set out all of the terms of the tenant's obligations and rights during the time period)
- They have a poor payment system (most landlords get post dated cheques which when bounced, are not brought to the landlord’s attention for up to 15 days by then you could have a major issue)
- They become friends with their tenants (once tenants know you are the owner and are a nice person, they WILL take advantage of you. It is best to be the property manager and only work for the owner. Then you can take the tenant’s requests to the owner)
- They purchase properties in such a manner that keeps their cash flow to a minimum (if one unit becomes vacant, they are in a negative cash flow situation)
- They purchase properties that require too much repair ( this reflects poorly on their monthly cash flow and ultimately their return on investment)
- They are neglectful landlords (a lot of landlords rarely visit their properties only to find out there are major repairs needed or illegal acts going on)
- They do not have a tenant reward program (landlords must reward tenants for good behaviour, keeping up with repairs, paying on time etc.)
- They reduce rent for a tenant that is doing the grass cutting, garbage and snow removal (you never reduce rent, for many reasons, but should instead cut that tenant a cheque for the work done)
Land lording Apprenticeship
World Wealth Builders offers a two day intensive successful land lording apprenticeship which will give you many techniques and skills to virtually eliminate tenant problems and create the most responsible, interdependent tenants who may ultimately become the owners of your properties. We also show you to properly run large multi-units, such as apartment buildings and tips on acquiring them. We also show you how to obtain and implement grants and forgivable loans from different levels of the government.
To obtain more information about our upcoming successful land lording apprenticeship please send an email to [email protected] or visit www.WorldWealthBuilders.com/live.html
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*+ applicable taxes (GST/HST)
We have been training Canadian Real Estate Investors since 1993
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