Thankful For.....

This Landlord is Thankful for.....

The friendship's I've made from the Salem Landlord Association

The resources and connections available from networking

The quality of professionals that are on my contact list

That I only have one vacancy right now

That I was able to locate and purchase a used HONDA snowblower

That I'm ready for snow

That my to do list is actually getting shorter

That I still love what I do

this I know,,,,

.... I know no matter how much I educate myself in the ways of the web, I still have plenty to learn.    This past June I recieved several emails asking for my credit card number to renew the domain www.salemlandlords.org  .  Naturally I ignored all request, thinking it was some sort of scam.    Needless to say,  salemlandlords is out of service until I figure out how to get it back online.    I have the greatest repect for all the webmasters out there.  

 

Should you get plastered or not?

At tonight's Landlord meeting we discussed the merits of blueboard and plaster versus drywall and joint-compound.    While plaster is a much older approach to the construction of interior walls than drywall, but both have evolved over recent years.  Subsequently there are pros and con's of each product.  While many of us have a particular preference choosing one product over the other depends on your timeline, scope of the project and your budget.   Recently I renovated a vacant apartment in which 3 rooms had crazed and peeling calcimite ceilings.  After crunching the numbers, it was more cost effective to hire out the job and covered all 3 celings with 1/2 " blueboard and a smooth coat of plaster.                           

Keeping a float

Lately I'm  receiving a large number of personal emails by landlords seeking advice.  They queries vary but the common topic is about how to deal "trouble" tenants.    Since founding the Greater Salem Landlord Association in 2007 I had hoped that my fellow landlords would be farther along in taking a proactive approach in running their business.  By exercising sound business approaches such as thorough tenant screening, routine maintenance and detailed business records the management of income property becomes effortless.  So why is it that so many landlords are struggling on hanging on? 

We are all in this together

Have a suggestion or a concern. Post it here and perhaps we can figure it out

10 Tips for Landlords

Some simple suggestions to help your business run smoothly

1. Screen prospective tenants.

Don't rent to anyone before checking their credit history, references, and background.  Haphazard screening and tenant selection too often results in problems.  Use a written rental application to properly screen your tenants.  You can find a sample at www.salemlandlords.org 

2. Get it in writing

Be sure to use a written lease of month to month rental agreement to document the importnant facts of your relationship with your tenants.  be sure to include when and how you handle tenant complaints and repair problems, notice you must give to enter a tenant's apartment, .......

3. Handle security deposits properly

Be sure you are in complaince with the Massachusetts General Laws  Chapter 186 Section 15b and Chapter 93a section 9 as pertains to security deposits.

4. Make repairs.

Don't wait until something small becomes something BIG.  Stay on top of maintance and repair needs and make repairs when requested.  If property is not kept in good repair, you will loose good tenants, and tenants may gain the right to withhold rent.

5. Provide a secure premise

Assess your property's security and take responsible steps to protect it.  Trim Landscaping and use motion sensitive outside lights

6. Provide notice before entering

Notify your tenants whenever you plan on entering their rental unit and provide as much notice as possible.

7. Disclose environmental hazards

If there's a hazard such as lead or mold on the property inform your tenants.  Landlords are increasingly being held liable for tenant health problems resulting from exposure to environmental toxins.

8. Oversee managers

Choose and supervise your property manager carefully.  If a manager commits a crime or is incompetent, you may be held financially responsible.

9. Obtain insurance

Purchase enough liability and other property insurance

10. Resolves disputes

Try to resolve disputes with your tenants without lawyers and lawsuits.  If you have a conflict with a tenant meet with the tenant to see if the problem can be resolved informally.  If that doesn't work, consider mediation by a nuetral third party.

Evicted tenant still owes you money?

According to Massachusetts General Laws: Section 34 of Chapter 235 there is a list of items that you can you can confiscate from your evicted tenant once you get a judgement against her or him. From the list number 16 says your tenant\debtor can keep an automobile necessary for personal transportation or to secure  or maintain employment, not exceeding seven hundred dollars in value. So if your former tenant's car is worth more than $700 dollars, you are within your right to take for money owed.

Security Deposits, Traps for the unwary

The Massachusetts General Laws governing security deposits (MGL ch 93A sec. 9) can be hazardous for Landlords who fail to follow the law. On March 9th 6:30pm at the Tabernacle Church in Salem,  Attorney Nigro-Beland will discuss the requirements and necessary steps of retaining a security deposit and retaining all, or a portion of, the security deposit.  

Ahhhhh, the first of every month

The first of every month marks the begining and ending of a tenancy for most income property owners.  A fine juggling act can take place with tenants moving out versus tenants moving in.  How a Landlord handles this delicate task varies.   Typically, I have a 15 to 30 day gap between move in's and move out's.  This March 1, I find that I haven't allowed myself enough time to ready the the apartments I have available.  Ultimately, I  did finished painting out a just empty 1 bedroom unit in the wee hours of the night.  And while I can make the claim that "Yes, I can paint out an entire apartment in less than 24 hours"  it leaves me very weary.   So before I run off to "lease up" my newest tenant, please share how you manage move out's versus move in's with less than one day between.

Welcome to the Greater Salem Landlords Blog

Welcome to the Greater Salem Landlord Blog.   Please check out our website www.salemlandlords.org.   The goal of the Greater Salem Landlord Association ( GSLA)  is for income property owners to share personal experiences and along the way pick up useful tips, while trying to avoid the pitfalls of being a landlord.  For the March 9th meeting Attorney Nigro-Beland will discuss "Security Deposits:  Traps for the Unwary"