Marketing Tip # 24- Actually today’s tip is going to be a landlording tip. Here is my advice to landlords and budding landlords out there. Number one you need to have a kick butt tight lease agreement. I personally started with Louis Brown’s lease agreement many years ago and then we have tweaked it over the years based on Florida laws.
Second hold your tenants to the fire. We do not accept late rent for starters. Rent is due on the last working day of the month and if it is not in the office by 5 pm on the last working day of the month we automatically serve a three day notice, no exceptions.
Remember if your tenant pays you can always change your mind. Take a full set of photos before your tenant moves in and use a move in condition sheet. Then take a complete set of photos when the tenants move out. We were just in court last a year or so ago for damages against a tenant who was evicted. Property condition was awful, wish they had smellivision.
In any case we got in front of the judge on a Thursday (it went to trial) and we ended with a judgment for almost $9,000. As soon as the courts post the judgment our collection folks take it from there. We have been paid for many judgments throughout the years. Don’t be afraid to follow up with the collections on these judgments, it’s your money. In this particular case the tenant was in the property when we purchased the home. Seller sent me photos of property condition when they moved in and we had the tenant sign our lease agreement so we had a great case. It’s fairly rare anymore that we have evictions, this is because we do a great job vetting our tenants in the first place.
For all the information you need on filling your pipeline with eve more deals for your real estate investing business check out my website at www.marketingmagiclady.com
