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pecunia Category: Need Advice
Current Grade: B+
Total Views: 538
Member Comments: 2
Posted on: 03/27/2008
Posted by: pecunia
Blog Points: 8
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Landlords have certainly been given a bad name... some justfiably so, but most are concientious businessmen and businesswomen trying to earn a living.  I have started my rental business (just one house thus far), and have absolutely great tenants (well since December anyway).  I have been setting out to get them "vested" in the house for a myriad of reasons.   Those reasons are:

1). People that view a rental as a home cause less damage (or at least the thats the theory)

2). People that have that "home" feeling will be likely to stay longer, and a permanant, promt paying tenant is a very good thing

3). These folks are just starting out (young couple with an infant) and have expressed mild interest in buying the property, once they save enough money to purchase a home.

4). Even if they don't stay, they are in that demographic where they have lots of friends looking for good rentals... so if they move out, word of mouth will get me my next renters.

5). I am going to be growing my rental business over the next few years, and want the reputation of being an excellent landlord.  A good reputation is always a great start to a business.

Here is what I have tried so far to get and keep them vested in the house...

1). promptly responded to all issues (actually had a range essentially blow up after 1 month of use)

2). inquired about what colors they liked, while rehabbing the place.

3). Starting a garden and letting them put in flowers and plantings around the house

 

Anway, I was wondering what other things have people done to get their tenants "vested" in their homes.  thanks in advance.

Current Grade: B+
Category: Need Advice
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Real Estate Investor
EducatorAmbassador
Posted By: Real Estate Investor on 03/28/2008

I make them put 3x - 5x the monthly rent down as there option fee. That seems to work.

Sean

 
Newhouse Equity

Posted By: Newhouse Equity on 03/28/2008
CREDIT CHECKS!  Sorry, you seem to be a really nice couple, although...  v/r,  Chuck