What I Wish I Would've Known About Being A Landlord | Landlording 101

[@vibrantlotus8154]

Do not become their friend. I can’t express this enough. I was giving them food , furniture, etc. They saw it as a weakness and took advantage of my kindness. Firm and fair is 💯

[@reyy568]

Got it

[@cjusino85]

Thanks for sharing! I'm too nice at times.

[@drift318]

some people are leaches, give an inch, take a mile.

[@julieludwig8927]

I’ve never given my Tenants anything…..outside of shelter that they they pay me for. Business is Business.

[@amyyoshikawa7698]

I know I hope the tenant will leave by next year. I will have to give her back the security deposit plus extra moving out cost. 👍

[@NickHalder480]

I’m a new landlord and I love every second of it ❤

[@rgghjs9270]

Landlords are one rung above slavers on the ladder of shitty professions

[@danielstaystrong]

Hello. I was wondering if you could give me some advice. I jjst bought a multi family house and sort of going in blind

[@Davena]

After being a landlord for over 26 years- ALWAYS do a background check on them. Even if it just checking your local county online records.

[@animewatch4213]

Credit check. Employment check. Call their employer with a different number that you find.

[@thehandsonlandlord626]

I would add that the first thing you should check is their social media. Its amazing what most people will put about themselves online.

[@yumcheesy5]

Is that a rottsky pup in your pic? 🙂 I have one, too!

[@thehandsonlandlord626]

@@willoughby1888 I agree

[@familytreeinvesting6608]

The local state records is my first stop when I get a prospective tenant. I also ALWAYS tell each applicant that I will be running a full background check if they apply... and many bad eggs tend to weed themselves out.

[@crjetpilot]

I’ve had landlords in the past who clearly spent my security deposit, giving lame, sad excuses when it’s time to return those funds! I was always a model tenant, paying early and leaving the places spotless when I left. There are douchebags on both sides of the fence.

[@glorymanheretosleep]

Did you remember to clean the oven?

[@crjetpilot]

As a young, single male, I never used the oven to start with but I definitely cleaned everything, even sweeping out the basement which I never used either. It wasn’t just once that I had issues with landlords not returning my security deposit in a timely manner. It was at least twice. (it’s been a long time since I’ve rented) I eventually got my money back but only after waiting several months and many inquiries, and having to endure stories about a sick sister, this that or the other... (sound familiar?) My parents had rental properties after us kids left the nest but most importantly, they taught us respect for other people’s stuff, and to honor our word.

[@thegreatbenis225]

Well u need to sign a claim

[@adamrashwan9359]

Never been my experience but I’ve had bad tenants

[@kahnicacole5692]

@@crjetpilot AGREED!

[@ericworthington7299]

You're running a business. You're not friends, keep it business. You're not always right. If its in the lease, Its a contract, enforce it. Expectations with security deposit, it's still the tenants money. Dont be emotional/personal with tenant. Your obligation to take care of the property. Dont let tenant do maintenance, in lieu of rent discounts.

[@elhajjmalikel6266]

The best thing is to rent-to-own. This way it puts all the responsibility on the tenant and not you. That down payment will make sure they take care of the home.

[@ericworthington7299]

@@elhajjmalikel6266 what what about renting to own to the homeowner & they aren't paying the bank & the bank comes & foreclose on the property

[@elhajjmalikel6266]

@@ericworthington7299 The person that stays in the property doesn't pay the bank/lender, you do.

[@ericworthington7299]

@@elhajjmalikel6266 what im saying is, is if the person selling the house, isn't paying the bank from the money coming from the buyer...

[@elhajjmalikel6266]

@@ericworthington7299 There's a couple ways to stop that if you are the seller. I did it with my home. I acquired it through a foreclosure. I stopped the foreclosure by having the previous owner file for bankruptcy. I even had a case on my home to get the mortgage removed.

[@searchbug]

As a landlord, one of your biggest concerns is to protect the investments you have made in your property. To ensure that you get a good tenant, it is always best if you take the time to conduct background checks on them. We've heard a lot of horror stories from Quora wherein properties of landlords were seized due to illegal activities done by tenants in the rental property.

[@gustavomunoz1684]

Agreed completely! I think that good screening is crucial when considering a tenant. That's been one of the top things I've looked for as I've searching for property management software. A background check and credit screen will tell you everything you need to know.

[@searchbug]

@@gustavomunoz1684 Couldn't agree more! Better safe than sorry.

[@johnhanselman6371]

Homeless people and Criminals seek out places to exploit.

[@AhrkFinTey]

@@johnhanselman6371 oh no not the poor landlords, being exploited

[@rgghjs9270]

Landlords are one rung above slavers on the ladder of shitty professions

[@royanbarryman4779]

I fully agree with this guy's suggestions. I am a land lord and I have done some of those mistakes. Good teaching. Thanks

[@carl9901]

me too, trying to be a 'nice guy' most often you end up screwing over both your tenant and yourself in the long run

[@argile5]

My tenants smoked crack upstairs in the middle of winter with the window wide open then complained the house was too cold and called code enforcement

[@mykelightyjuhurd]

lol sad

[@PS-yf4bj]

Great talking points. This is a business to make mortgage and get passive income. You are respectful, upfront, and honest. My 1st rental is just a few weeks away. Thank you for the tips.

[@larryfiedler2162]

Hey, just reading through comments. I noticed you now are a few years into your rental, how’s it going? Any tips from you personally?

[@LivingOffRentals]

Always keep it professional! Great advice!

[@Je.rone_]

Not a landlord yet but being a tenant for 23 years i imagine it has its challenges

[@familytreeinvesting6608]

Black Vito - Moneyology it sure does, but it is absolutely worth it my friend!

[@MadisonBonnar]

I love this stuff because I am struggling with landlord retaliation and he explains this in a way that honors the tenant, and respects the landlord rights.

[@joiamed8544]

I think in "Pursuit of Happyness" Chris Gardener offers to paint because he cannot pay the rent. Great movie though.

[@happycappy9606]

He just got my entire life together!

[@JPPropertyConsultingLLC]

Wishing great success to you entering into the world of apartment renting! I come from decades of working at the large, national and statewide Property Management organizations. I teach small landlords all the tips and business practices that we train our leasing agents on over at that side of the industry. Class topics include fair housing, marketing and leasing, application processing procedures, leasing safety protocol, proper documentation practices to minimize fair housing issues, resident retention ideas, and more.

[@thestormlakefights]

As a landlord it's not as easy as it seems. You cant be too strict because they they complain about everything more and try to find ways to get you back

[@rgghjs9270]

Landlords are one rung above slavers on the ladder of shitty professions

[@mellymel9892]

Best video on this topic hands-down appreciate the insight!

[@eddievega4177]

I like it. My opinion it also applies when dealing with a contractor. There are not your friend. Its a business. They might have knowledge on a trade. But when you see something thats seens not right. Take action.

[@fourrs2105]

Agreed. Well said.

[@nancyvalencia7713]

I have made many of the mistakes that you mentioned. it was too nice with my tenants and it, unfortunately, creates a lot of problems for me. :(

[@matthewconner463]

I’m a landlord of a 2 building apartment complex 8 units in Las Vegas,Nevada. Great info I. Need Thx. Bud !!! 👍🏾

[@thelovablekrystal8032]

Wow that is awesome! I am trying to find an investor to invest in me to build or flip a apartment complex. How did you get started?

[@daddad6174]

🤔 I been managing properties for 25 years in a different parts of the US such as Los angels, county, riverside county and many other part in California,Vegas, Oklahoma, Arizona, Texas, Oregon, one thing that I can say about dealing with tenants and the rental agreement. Read and learn your rental agreement before you open your mouth trying to explain anything to a tenant. Read and explain the contract to the tenant before he/she signed the contract. Stop trying to look smart ame Listen to them . Respect tenants as you respect your property. My turnovers are and always been very low my rental increases have always been according to the need of the property and my court cases I never lost one single case. By away the largest property that ever managed was 550 units

[@sunset3458]

I’d love to connect

[@teamginger6359]

Thanks! I'm new to this & glad I found you!

[@diazalex5314]

Solid advice. That 50 dollar repainting definitely came from experience

[@George_Perez]

Love the insights man, looking to invest in real estate very soon as I've been mostly focused on ecommerce + stocks the past decade now looking to expand!

[@familytreeinvesting6608]

George - The Money Making Wizard [Weekly Videos] best of luck! It’s definitely a great way to diversify with your other investments!

[@dangeroreilly2028]

In Ohio, we have 30 days to return security deposit due, if tenant gives new address. Must also include itemized list of anything deducted. Must pay interest on sec dep if it is greater than a month's rent.

[@annalisawhitley5141]

Great info! Thanks for sharing

[@rishabhsingh7041]

I am sick of my tenants. You are saying correctly, its a business.

[@eldermillennial2000]

lol if you ever want to sell your property, let me know ;) been dealing with tenants for 20 years

[@gilbertjean-louis4826]

thanks a lot Steve

[@vicmarc4984]

Houses should rarely be used as ATM cash machines, PEOPLE need homes to own and live in. Cheap money caused investors to get greedy, and create a generation of RENTERS. Mortgage rates should be 20%, which will cause housing prices to fall considerably! Falling prices are needed because WAGES are not keeping pace.

[@SsjblueDeion]

I agree

[@12ProdMusiklov3r]

I get what your saying but you need to look at it in a different perspective.

[@mikeshay6614]

😂

[@darrenheard9943]

Thanks for the wisdom.

[@MakarMajhi-du8tv]

Thank you ❤❤❤

[@bollmann4580]

Always have a 30 day lease with high security deposit. That way you serve notice the day they miss rent go to court asap and get them out ask for no money just leave.

[@lovemoredaka4942]

You have some experience and thank you for the advice🤗🖐️

[@tanyac3696]

Very well said! I'm glad I came across this video. Great pointers!!

[@amyyoshikawa7698]

Hi I am having a bad day with a tenant. This lady is so difficult. I don’t like this tenant I have she is not listening. Thankyou for the advice. 👍

[@sandrajerome-severe3953]

Thank you. I just rented my property.

[@donpino4381]

Well put together

[@desidog4169]

And don't ever rent a place to your girlfriend - ex-girlfriend 🙄😠🙏

[@ericworthington7299]

Friends & Family are most of the time, the worst...

[@manictiger]

@@ericworthington7299 Mixing business and personal is the fast track to ruining both.

[@Vig3711]

Great advice, thanks!

[@haryanvijaat1604]

Quite practical suggestions. Great video.

[@anotherbookreview9903]

As someone who has been a tenant for probably half a dozen landlords, I think this video was the fairest I've seen from a landlord giving tips to other landlors. I'll throw in a couple. Give your tenants 24 hours notice before entering the property. There may be extreme exceptions to this but, having had a landlord text me on a Saturday morning to tell me that someone was coming to look at the water heater in 20 minutes, it's a general rule of thumb that will go a long way towards your tenant respecting you. Don't nickel and dime your tenants for normal wear and tear. Yes, I've lived in your house for a year. The bedspread you provided me has some wear and tear there. Pay for this out of the rent I've paid you for the last 12 months. Don't **** with people's security deposits. This pisses tenants off more than probably anything else. I've had to contact an out of state attorney after a move to force an old landlord to give up the money she owed me. Don't do this to people.

[@carpet8991]

There is no money in rental, the never pay I had 4 rental and a lot of headaches, if you do section 8 it’s ok, but no profit from all the repairs you have to do.

[@ricardoperez4187]

Hyper ghost sorry your experience with rentals was a negative one but, I think your opinion is subjective I have 2 rentals working on my third I have never any issues and maintenance has been at a minimum I just had to change a o-ring from a toilet once in 2 years .I can just speak for myself I treat it as corporation and educated myself and have strick tenant screening and keep my maintenance up to date. Am I a millionaire no but, financial freedom is uptainable I hope you get back in the game after watching this video.

[@glorymanheretosleep]

Where you a landlord at? Section 8 is terrible, and most landlords would agree with that.

[@daddad6174]

Hyper ghost XYZ the problem wasn’t the tenants the problem is the way you managed you properties and the way you find your tenants. Finding a tenant is no about just putting an advertisement and believe that you know it’s the right person because they have the money. Lear How to read people first and take the time to do a good background check.

[@realestateced8112]

Great tips Steve keep up the great work

[@dhowto3005]

This was good information. Thanks!

[@MyFavoritesOG]

Great Video, Thanks a lot!!

[@markdouglass9298]

Great advice Steve, well said!

[@muskduh]

thanks for the review.

[@darnellrucker6700]

Great info!

[@ERAP1st]

Thank u. Great advice!

[@iammaximus614]

Joseph Estrada Is this the Real Erap? 👌🏽😎

[@ERAP1st]

@@iammaximus614 It's ERAP PARA SA MAHIRAP! LOL

[@andrewballinger8525]

My landlord doesn’t enforce the late fee and he gotten where it takes a month before he pics it up when I get rent ready days before it was due

[@bill-gray]

Very helpful and good video

[@georgeallen1867]

I’ve left friends become tenants, those are regrets as well.

[@Rayquesto]

How do you legally do inspection to the property while tenant lives there and/or in lease for the property?

[@katehenry2718]

Put it in the agreement. Give at least a day to let them make the bed and clean up the bathroom. We don't all live like magazine covers.

[@SevenDeMagnus]

May we attract tenants from heaven and not tenants from hell and may we be landlords from heaven too. :-) And may we attract good tenants and good contract maker (lawyer). God bless.

[@nickh.2007]

Excellent points. Very well said.

[@AnkushRattan]

Great video!! Wish I had seen this 3 months ago before the TFH (Tenant From Hell) moved in to one of my properties.

[@katehenry2718]

Do not let a tenant do ANY repairs or "improvements". No matter what their profession is, if they were really good at it, they'd own their own house. Have your own repairmen.

[@ezLandlordForms1]

Great advice! I love @Biggerpockets. Thanks for the great tips!

[@darlenerenfro2426]

Excellent video, thank you

[@AKZboy2]

This is GOLD

[@dystaneyreeves4193]

My last landlord was a horror story . He wanted to be friend , I did not . He wanted us to end or lease early because his life was going as expected . When I didn’t he took us to court to evict us , of course if was thrown out ( twice ) but he made our life hell . Wouldn’t fix the air and told us that , that’s why we should leave . Pushed my husband and I right into homeownership lol . Never again

[@thegreatbenis225]

Thats horrible. Im a landlord and i find that despicable.

[@ArtIsDrawing]

If he made your life hell than why didnt you leave?!! No excuse! Just move out!

[@klime938]

Couldn't you sue for him wasting your time and money in court for not breaking the lease

[@sagatuppercut2960]

Your landlord was a loser!

[@Pythonzzz]

@@ArtIsDrawingbecause they didn’t want to leave and shouldn’t have had to. They signed a lease for an agreed-upon time. Leases go both ways, and the landlord agreed to provide housing for an amount of time. Why should they have to uproot their lives to move before they planned to just because the landlord didn’t properly plan?

[@vmd0734]

*I have kind of a complex question that I CANNOT find the answer to no matter how much I search google. So My issue is this: I live in New York, and rented from my previous landlord, lets call him E, and I now have a new landlord, lets call him C. Before C bought my building, E let me know that he "transferred my lease" to C. I paid first and last month's rent to E when I first moved in, but he didn't mention if he sent my last month's rent to C with the 'lease transfer'. I plan on moving out of new landlord C's apartment when the 1 year lease is up. Should I expect to not have to pay last month's rent my last month there? What happens if my previous landlord did NOT send my new landlord my last month's rent, and I am not able to get in contact with my old landlord to ask him if he did? Please help lol*

[@gabrielchham]

Thank you Steve for sharing your priceless thoughts and experiences. These tips will make me become a better landlord in the near future.

[@HhgjkkkHhkkjhh]

Good video

[@miguelgonzalez6213]

On your second point, can you avoid those issues of imposing on the tenant's personal time in their rental by establishing at the onset of the agreement that you'll do inspections every other month, or something akin to this? I'm not suggesting unannounced visits, as that definitely feels like an invasion of privacy, but definitely give a few days notice and then run the casual inspection. You know, just walkthrough quickly and make sure the walls, paint, and carpets don't look like the tenants have treated the property like a frat house.

[@miguelgonzalez6213]

The point on tenant security deposits and how you should set them apart. I would think that, as a tenant, you may want to ask the landlord, "How long have you been in business?" or "How many other properties do you manage?" This way, if it has not been a while or they only run the one location, you can do your own due diligence and find out if they have any reports of financial improprieties. I've been on both ends of the spectrum. You want to make sure, as a prospective tenant, that you've done your due diligence and aren't moving into a place that has a history of blowing through the deposits and then you're waiting around for them to fix leaks or replace appliances.

[@miguelgonzalez6213]

#6 - A few years back, while I was a renter and single dad, I remember when the landlord replaced the washers and dryers without telling anyone and actually spent a bit and installed really nice laundromat quality machines. Myself and a few tenants I conversed with made sure to express our gratitude for the landlord going above and beyond on the replacements.

[@carl9901]

Lots of truth in this one

[@ArmonMitchell]

1:20 PERFECTION

[@patrickpierre4075]

Awesome advice.

[@tylerthavong4868]

Can you use the security deposit to pay for uncovered rent by the tenant? As long as if it said in the lease agreement

[@RionCousland]

always before drafting a lease check your state laws.

[@Davena]

In OHIO, yes.

[@iammaximus614]

State law

[@glorymanheretosleep]

Most places, yes.

[@BrookeEli]

We do foreclosed property management on our channel and are scared if we had to rent out our place one day to tenants. We've seen some dirty houses lol

[@artbyrobot1]

i think as the property manager you can clean it before it gets that bad and if it is excessively dirty, I'd imagine you should have a clause that you have the right to hire a cleaning service at their expense for excessive filth.

[@hassanbazzi3545]

Well said

[@chewy8505]

Very helpful & excellent advisements, thank you so much! 😄

[@saibot293]

Renting form an owner... What do I ask? How do I know this person is the actual owner?

[@BB-rs2ib]

He would be a good landlord to have.

[@richardrivera7317]

Property manager take care of all this.

[@glorymanheretosleep]

They also take a lot of your money and are not necessary.

[@richardrivera7317]

glorymanheretosleep 10% a month buys me peace of mind. I think it’s money well spent.

[@glorymanheretosleep]

@@richardrivera7317 Well, if you ever are looking fora property manager that can do a lot of stuff associated with high-costs for a landlord. Give me a pm.

[@snatchinitback4635]

(1) What state are you in? (2) What's the name of your property management company?

[@juancarlosvega7190]

I have said that yeah that's what I have said. Leader says word says but must be in a lease.

[@doodleknowledge]

Totally agree. great video. As they say landlords grow rich in their sleep without working, risking, or economizing.

[@disebalikpintu2024]

thank youu

[@Blackpilld]

Do NOT rent out to friends or family. Or anyone you know personally in fact. To be a landlord soon and refusing a friend who’s had a past and has habits.

[@ezradib]

Should I treat my rental property like a business?

[@jeremyparvinrealestateinve7087]

Good stuff

[@ShephardInvestments-o9z]

NEVER be the landlord and the property manager. These should be two totally different roles. I got into multifamily properties that come with professional management, so I never have to worry about collecting on late rents, dealing with damage and repairs, dealing with evictions, etc.

[@davidmiller5192]

The is for the video. I am 19, turning 20 this year, and I'm going to be a landlord and I'm trying to get all the information I can.

[@RachelBianchi]

Hey there! I have a question, I think I need some type of software to help with my accounting but I am really bad with technology. I heard DoorLoop is very user friendly, but I'm scared to take the leap, any recommendations?

[@g.carbonell8219]

Full spectrum advice. Amazing work.

[@unvcht5046]

How do I learn more. I am landlord in Chicago

[@Jackson_Hts_Mr_Randy_Watson]

Great video, thumbs up from me.

[@paulpi3118]

Don't rent to police. Have non payment cop renter because he doesn't like my girlfriend and son moving in with me. Disturb his quiet of enjoyment. Always increase renter!

[@InvestAndGrow2020]

If anyone is here is a tenant stop doing shit, you know what’s wrong and right. If you’re a landlord Idk what to say.

[@RealSasquatchWatch]

damn dawg i wanna use this advice but u spelled Business wrong on the first screen! 😆

[@black007die]

I don't want to be a landlord you can keep the headache 👎

[@klime938]

Also do t make realeatate deals with friends I did my buddy helped me fix up a duplex we planned on it only taking 6 months tops well we r 1yr 8m in and he has decided he wants more money that the 25% of the cashflow wasn't enough and wanted all the cashflow he has no money into the deal and no risk well he is no longer my friend I told him I didn't calculate for his change n mind he has blocked me and no longer friends guess that's more money for me the work was almost done and he threw it all away for money that was nvr agreed apon

[@artbyrobot1]

man that sucks. i hate that kind of thing.

[@genew5758]

As a landlord, I like charging a non refundable administrative fee before a tenant moved in. He or she agrees to this when signing the lease. In the lease, it says that this fee is non refundable. I know every state has their own laws. I also say tenant is welcome to use all appliances, but landlord will not fix, repair or replace. I also state that tenant is responsible for their own changing of air filters. I have them sign this too. I also state that any exterminations needed are to be done by tenant. I also let tenants repaint walls if they want a different color, but require them to paint it back when moving out.

[@starlinpena4943]

Basically what i want to know is being a landlord worth it if you only have 1 rental property as oppossed to a landlord who has multiple rental properties

[@artbyrobot1]

yes of course. that's great cash flow on your investment!

[@fionasampson6068]

Take a furnished with a rental house tennent

[@jeanscottbenson]

Bigger Pockets? More like EMPTY Pockets LOLOLOL!!!

[@dimetronome]

"Landlords grow richer, as it were in their sleep, without working, risking, or economizing. What claim have they, on the general principle of social justice, to this accession of riches?"

[@dimetronome]

@@Unity-pv8qq lol yeah, I wouldn't be surprised if they start saying that.

[@biancam.3828]

I’ve just purchased my first home that I was lucky to have received two apartments in the basement, I’m so excited to have this opportunity!!

[@tonycooper3744]

👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍 salute to you that's what's up

[@zakiyajohnson4104]

Had beers with tenant