Suddenly you don't feel so well. You're sweating, heart is racing.The thought of living in a unit with two or more other renters overhead playing Metallica and Willie Nelson cranked loudly at 2 in the morning is not your idea of fun. Let's think this thru. You've heard about tenants that make the place look like Stephen King made a movie there. You've had friends who could not get a non-paying tenant out because the paperwork was not served right, over and over. The tenants dug in like Taliban and do this every six months you learn later, never paying and sometimes being paid to just leave. And Mr Tenant knows-landlord-law-backwards-and-forwards, has a masters degree in the subject. He was way way ahead of the newbie landlord on the current procedure and tenant rights' legislation. Dumpsters full to the brim and over with someone else "stuff" to be hauled away when they do finally leave months later. Garbage, debris at so much a pound. Rats. Health officials screaming, other tenants whining about the smell. Ahhhh...that's the downside of squabbling, non paying, doing damage and garbage piling up tenants.
Now if you get a place where the tenant turn over is nil, where all the tenants get along and when a unit comes up, you ask if they know of someone they want for a neighbor, it can work smoothly. These guys pay their rent like clockwork, respect their landlord, and appreciate all the work you do to the place. They know not much else is out there in as good a shape, as reasonable and moving is not in the cards because you look after the place. You don't just collect the rent and let the place go down around your ears. This keep the place maintained can be like a happy day at the beach with fun in the sun. Rent coming in, place up to snuff, everyone happy and considerate of the other tenants, of the property you are making payments on.
You don't hear about the good tenants, the happy campers like you and I would be right? (smiling)The ones that go to bed nights, have jobs, are responsible and their kids are not Dennis The Menaces with emotional destructive issues and pellet guns. These apartment houses are nice enough to put a family member in, places you would be happy as a clam to hang your hat. Or to have your mom live in, right in the unit behind you.
If you service the heating, keep the roof repaired before it leaks, police the laundry situations where everyone and their brother was doing loads and loads before the newly installed coin operated machines, it can run smoothly. Tenants off at work during the day without Bowser the Hound out back in the yard digging a hole to China or destroying the siding are the ones to look for.
And tenants are surprising honest when asked where they used to live. When they rant Mike Brown is such a jerk and is making a fortune off them with pure profit rent. How upset he gets month after month when they decide to use the money to go to the fair, get a tattoo, your ears should perk. You know a different Mike than they outline and that he runs a tight ship. He has to pay the bank on time or his credit gets messed up like the tenants who are forced to rent because there credit score is in the negative number range. That's why some buyers look for an empty, no tenant home and "build" a healthy business from the ground up. Detailing one unit at a time of a "dog in a good neighborhood situation" and getting each unit on line with paying, caring tenants that are waited for. Keep a unit empty rather than renting to a poor credit, no pay tenant that has a long long history of not paying their bills, or doing major damage to their last three rents. You may elect not to get involved in the sectional eight route altogether and just rent to professionals that are single, work at government or health care facilities. Get references. These tenants may only be on board for two years or so but they don't abuse the place. They are gone to work during the day. They only sleep there and are low low impact.
Ask some questions, get a credit check, call the previous landlords, not just the current one. Get the first, next, last months rent so that seperates out the non paying ones and their is a security deposit to cover the tenant that shoot themselves in the foot and turns out to be a lemon.