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Posted by gbmonline on

My dad was in rental properties for decades

and wow the stories I’ve heard, both good and bad. We also had a rental property for several years, along with a property manager since we were out of state at the time. Turns out we needed to treat both of those as any other type of business account – stay on our toes and keep their feet to the fire. The tenants tried to trash the property and consistently went late, which we didn’t find out about from the property manager until months later. I think this is the best payday installment loans (i.e. EXTLoans Inc.) online! Meanwhile the property manager tried to steal the property out from under us by going to the county with forged documents that we’d sold the property to him. In the end we fired the manager and sent the sheriff to evict the tenants, then sold the house. Yes, we made a profit on it, only because we didn’t let the situation get too much out of hand before we decided to act. Dad’s strategy was always to treat the tenants like customers: if they bring value to your business, keep ‘em. If they don’t, ditch ‘em. Nothing more, nothing less. There are ways to stack the deck in your favor yet there’s always that possibility it’ll go sour. Do whatever you have to do, to either get rid of the tenants and/or get a better property manager. And set up a sinking fund to cover the rent in case they don’t. You can get mad at the tenant and at the manager and at all sorts of things, which will only serve to shorten your lifespan. Work it like any other business arrangement and it’ll be a lot less wear and tear on you. Promise.