Posted by MarkB_MI on June 28, 2011 at 03:05:55 from (166.203.81.52):
In Reply to: Rentals posted by oldironman on June 27, 2011 at 05:05:01:
My wife and I have been renting houses for 17 years, and we're still learning. We have three rentals and are working on a fourth. Two houses are in the middle-class city of Sterling Heights, MI and a third is in Pontiac. The one we're working on is also in Pontiac, I didn't want it but my wife can't pass up on something that's nearly free. Must be her French Canadian ancestry.
The one house in Pontiac is more aggravation than the two in Sterling Hgts. We finally wised up and took a Section 8 tenant. BEST DECISION WE EVER MADE. No more late rent. The housing authority inspects the place once a year to make sure the tenant is keeping the place up.
Tenants will ALWAYS have pets, whether you know about it or not. One fellow told me he always advertises "pet friendly" so prospective tenants will list their pets on the application, then he throws those application in the trash. We charge an extra 50 bucks a month if the renter has a dog.
Don't screw around with late rent. If it's a day late, send a notice. Remember, tenants are tenants, not friends, but they will try to use your good nature against you. A notice in the mail reminds them that it's business. They won't miss a payment on their cable TV or cell phone, why should you accept less?
That said, I have always tried to be up-front and honest with tenants, and to treat them as I would want to be treated. Sometimes they've reciprocated, sometimes they've taken advantage of us. That's the way things are. If you get stressed out dealing with people, best to stay out of the rental business.
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