185 Tenants-How to Keep the Good Ones

07/10/20 • 6 min

One of the things that we learned very early on was to treat our tenants as clients/customers as they are the backbone of the business for landlords like us. Most tenants pay $1,000 monthly rents which help us pay down mortgage for our buildings.

Considering an average turn over of 2 years, they are paying us $24,000. Paying off the mortgage for your buildings by tenants is the main idea behind rental properties. And if the property is vacant or mostly vacant, then the remaining payment comes out of the landlords' pocket. Which is not a good indication for any investors or Real Estate Entrepreneurs like you.

First of all, how do you decide if a tenant is a good one or not?

Well, here are some of the criteria we look for:

Those tenants who pay their rents on time, When you call the former landlord – ask.
Help you keep your property up to date by communicating with the management if there's any issue with their unit or the building itself.
Treat your staff respectfully and also the property while maintaining open and healthy communications.

We also have implemented quarterly inspections of all our properties. By doing so, we come to know if there's any water leaks, mold issues and any of the units are messy which can lead to infestation of bugs.

We've also provide tenants with contact information during any emergency or maintenance need such as smoke detector is going off, or the tap/sink is leaking, drain clogged up. The reason behind that is that some tenants do not want to bother us for some minor issues. They think that it's not that of a big deal.

Sometimes their judgement is not right. As in the case of when someone sees that water is leaking from the sink they don't always report to us as they see it minor issue. But over the time it can cause mold and if its not fixed in time, there may be a damage worth thousands of dollars versus if its fixed when the issue was minor.

Also, when you inspect the property by yourself, you see who are the messy tenants so we educate them to keep their units clean to avoid getting infested from roaches or mice. And if they have damaged the property, we would come to know before they vacate the property and thus saving us from fixing it by ourselves.

These are some of the steps we take to identify the good tenants which help us to reduce or eliminate the turnover expense.

If you need my help to create your Multi-Million Dollar Real Estate Portfolio, reach out to me at

[email protected]

Schedule a Free Strategy Call with me.

https://go.oncehub.com/ednakeep

Edna

First of all, how do you decide if a tenant is a good one or not?

Well, here are some of the criteria we look for:

Those tenants who pay their rents on time, When you call the former landlord – ask.
Help you keep your property up to date by communicating with the management if there's any issue with their unit or the building itself.
Treat your staff respectfully and also the property while maintaining open and healthy communications.

These are some of the steps we take to identify the good tenants which help us to reduce or eliminate the turnover expense.

If you need my help to create your Multi-Million Dollar Real Estate Portfolio, reach out to me at

[email protected]

Schedule a Free Strategy Call with me.

https://go.oncehub.com/ednakeep

Edna

Previous Episode

184 Inactive Activity

What is Inactive Activity and WHY is it important for you?

We live in a world where we need to have tremendous focus on improving our productivity and efficiency.

While everyone wants to improve their ability to produce more, most don't know how they can improve their efficiency.

For me, I do meditation. Meditation allows your brain to calm down and achieve a stable state where you can control your thought process.

Years ago, when I started doing meditation, I thought I'd never be able to do it as I am a very active person and sitting down idly felt like torture to me. But when I mastered it over the years I am experiencing a lot of change in myself. My productivity has soared over the years.

There are so many ways to do meditation. To start with, you can do guided meditation, you can listen to sounds and/or bilateral beats through head phone. One of the way you can start doing meditation is by listening to Holosync.

The reason why Holosync has worked for me is that you can listen and do the meditation as you go to sleep or when you wake up. For most people, just to sit and do meditation for 10-15 mins is very hard. But with this, you can do meditation as you fall a sleep and while waking up in the morning.

I bought the program initially as I was learning to do meditation and it fits my need. As you know monks take years to master the meditation but with Holosync I was able to get into the rhythm easily. I bought a few programs but I loved the Positive Focus and I loved the sound of it.

Another activity I do is VISUALIZATION. I highly recommend that you do it every day. I listen to affirmations that I recorded in my voice every day as I am going to sleep and in the morning.

You're just laying/sitting there and doing nothing but visualize on what you want. But if you can master the visualization and you can literally build your life out of imagination ahead of time and that's another huge short-cut to your improved productivity.

Another activity which is not quite as inactive activity but when you do so, it will help you keep more focused through out whole day which is writing down the affirmations.

Affirmations for the goal you want to achieve, the type of person you want to be, the possessions you want to have or increase your self-image. No matter what you're trying to accomplish, when you write down those affirmations it will keep you more focused towards your goal.

These are the kinds of morning routines that I highly recommend you to follow to be successful in your life.

Edna

Next Episode

186 The Art of Goal Achieving

Today I want to talk about "the art of goal achieving" but first of all I want to talk about why is it so important to have a goal in your life.

A goal is an idea of the future or desired result that a person or a group of people envision, plan and commit to achieve. People endeavor to reach goals within a finite time by setting deadlines.

A goal is very important for your life because it gives you direction, motivation and stops you from getting distracted.

So let me ask you a question:

Are you a Goal Setter or a Goal Achiever?

Meaning, do you just set a goal or when you actually set the goal, you decide to achieve it?

Lots of people are scared to set the goal out of fear because they do not want to be committed to achieving the goal.

When you DECIDE to set a goal and actually achieve it, and I mean decide; that's the difference between a goal setter and a goal achiever.

When you decide to set a goal and start working towards that goal, things actually start happening for you.

So when you set your next goal, here are a few things I want you to do.

First of all, I want you to describe your goal as an A type Goal, B type Goal and a C type Goal.

An A type Goal is described as very similar to what you've done before. For example, you bought yourself a home and now you want to buy another home for rental income. The process of buying another home is quite similar but the only thing added to it now is that you're dealing with a tenant.

Whereas in B type Goal, you might decide to have a 4-plex. Since you already have single family home, now you wanted to stretch your goal a bit further.

Now a C type Goal is something like, I want to own 100 units in three years. And you have no idea on gods green earth, how you are going to achieve it.

So the difference between A or B type goal and C type goal is that in C type goal, you have no idea how you'll accomplish that big audacious goal.

And most people will not set the C type goal just because they don't know how they are going to achieve it.

But the idea behind to have a C type goal is that you have no idea on how you'll accomplish it.

It's not something that you've done before. It has to proceed out of some past experience though, like you're not going to jump into buying something without some kind of education or mentor besides you.

But for the C-type goal, you'll have to find different mentors, you have to thing differently, you have to start doing things differently in order to hit that goal.

So I like to challenge people to set more C-type goals because we don't always need to know how we are going to hit that goal.

When you set the BIG goal for yourself that you have no idea how you are going to accomplish it, the universe will help you to align it for you.

Let me ask you again - Are you a goal setter or are you a goal achiever?

If you're a goal achiever, there are different ways you can do it and if you want my help to get you to the next level, reach out to me

[email protected]

Schedule a Free Strategy Call with me.

Edna