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5 Landlord Mistakes- If You Make The First One –You Will Make The Rest.

There is a long list of mistakes landlords make – but there is also a short list – critical ones that if avoided from the get go improve success!

Here are the top 5 mistakes I think landlords make:

Buying “wrong”.  This includes many things – just simply buying the wrong kind of property to rent, buying in the wrong area, buying with no capital- i.e, needing to rent ASAP because you have no money to support property without rent; to paying too much for a property. 

Being unrealistic about your financial goals: overcharging for rent, being too cheap to make repairs, charging tenants for ridiculous things, etc. If you make the first mistake – you will make this one.

Picking the wrong tenant.  When you make the first two mistakes – you usually make this mistake next.  My philosophy is, a terrible tenant costs more than a vacancy.

Not knowing how to manage tenants.  In other words, making your own rules, having a different set of rules, or just “winging it”.  Again, if you make the first three mistakes – you will make this one.

Running your business in all different directions.  The result of the top four mistakes leads to this one. If you run your rental home by the seat of your pants, if you think a think landlords “rule” and tenant won’t take you to court, if you think you know it all, think again.

As mentioned, landlords make many mistakes – but many mistakes can be avoided all together if these simple tips are followed!

Buying or selling Tucson real estate, Mt Lemmon, Tucson bank-owned homes, Tucson rental homes, or Tucson lease option homes? Visit www.KGCPropertiesLLC.com .

                                                 

 

This blog is written with my opinions and my opinions are  presented with accuracy but not guarantees. Please talk to a professional before making any real estate, financial or agency decisions.    Gabrielle Kamahele Rhind - 2014. If you want to reprint parts of this - just email me for my permission: KGCProperties@gmail.com .

 

Comment balloon 4 commentsGabrielle Kamahele Rhind • April 24 2014 05:16AM

Comments

I like the way you outlined these 5 mistakes Gabrielle and how one mistake can just cascade down and lead to all of the others like a domino effect.  Start at the top and choose the right property for the right price and just follow through from there and as a landlord you will be ok I think.

Posted by Scott Larson, Park City, Utah Real Estate News (BHHS/Utah Properties) almost 6 years ago

Wow, isn't that the truth! Doing a market analysis before buying would probably be the best answer for investors buying the right house. Some people need professional help..

Posted by Paul S. Henderson, REALTOR®, CRS, South Puget Sound Washington Agent/Broker! (Fathom Realty Washington LLC) almost 6 years ago

Gabrielle-Nothing easy about the property management and landlord business. I salute all who undertake that path. 

Posted by Wayne Johnson, San Antonio REALTOR, San Antonio Homes For Sale (Coldwell Banker D'Ann Harper REALTORS®) almost 6 years ago

of all these, picking the wrong tenant is the flashing warning light, for me!

Posted by Eric Crane -- Your Full Service, Discount Fee Realtor®, Greater Metro Phoenix Arizona (DPR Realty LLC) almost 6 years ago

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