The Book on Managing Rental Properties Quotes

“If you want to avoid fines and possible jail time, don’t discriminate against any of the protected classes (race, color, religion, sex, national origin, familial status, disability, and other locally protected classes). Be careful in the language you use in your advertising, on the phone, in person, in your documents, and anywhere else in your business. And maintain good records in case someone ever wants to bring a case against you for violating the Fair Housing Laws.”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“Getting to know the neighbors can help you keep a physical eye on your investments, while great bookkeeping will help you keep a financial eye on the same.”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“don’t have every answer in the book, but are willing to seek knowledge from other business owners and through books, podcasts, and other educational sources.”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“They continuously improve their business, looking for small and large ways to tweak their operation to make more profit, while simplifying the tasks that need to be accomplished.”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“Business owners create systems and repeatable processes that help them build a “machine” that runs smoothly.”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“Our favorite and the least expensive (it’s free!) is Google Voice.”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“That said, when small contractors submit a bill to us, we will often pay it immediately, as we want to reward excellent work and to be known among our private contractors as quick-paying.”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“For more on this inbox system, be sure to read David Allen’s book Getting Things Done.”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“as numerous individual colored folders, one for each of the following categories: • Insurance info • Mortgage info • Purchase docs • Monthly income statements • Bank statements • Tenant interactions • Rehab and maintenance • Tenant files • Receipts • Miscellaneous paperwork This way, each property will have one overarching folder file, as well as several color-coded folders for easy retrieval of information. Need insurance docs for 123 Main Street? Oh, that’s in the 123 Main Street file, red folder.”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“Ouch. Ignorance is not bliss, folks. It can hurt—a lot.”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“Of course, our favorite Dispositions of Deposit to complete are the ones where the tenant gets an entire refund back minus the cost of mandatory carpet cleaning.”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“tenants to fill out that asks specific questions like: •  How would you rate the service you received from us? •  How would you rate the quality of service you received while renting your home in regard to handymen and contractors? •  How would you rate your overall experience with us? •  What is your overall impression of the home you rented? •  What did you like most about the home you rented from us? •  What did you like least about the home you rented from us? •  Do you have any suggestions for improvements we could make to the home? •  Would you rent from us again or refer others to us in the future?”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“Never allow your tenant to use their deposit for rent at any time.”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“never allow a tenant to use their deposit as the last month’s rent. Make sure your lease has a clause that states that the deposit may not be applied toward rent at any time.”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“Good contractors never need to fight for work, so make sure you are their favorite client, and you’ll never need to fight for them.”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“Find it by Googling “[your state] contractor license search,” and it should pop up first.”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“In most states, a tenant without a rental contract is treated the same as a tenant on a month-to-month lease.”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“Life’s too short to rent to people who will shorten your life even further, so let’s get rid of them, shall we?”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“The truth is, black mold is just a naturally occurring fungus that, when highly concentrated, can cause allergic reactions for those with weak immune systems.”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“handymen quickly so they respond quickly when you need them. If you have a reputation for taking your sweet time paying your bills, they will remember that when you call them for help.”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“One last thought on dealing with maintenance issues: Always pay your contractors and”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“•  Tenant C never reports anything, even when it’s important. Tenant C is fairly common among tenants.”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“Here are a few things you can do to prepare for maintenance issues within your rental business: 1.  Have a reliable list of go-to contractors and handymen that you trust. 2.  Create a system for documenting and tracking maintenance requests. 3.  Become familiar with your local laws on the landlord’s responsibility for responding to and dealing with maintenance issues. 4.  Keep a detailed record of all maintenance requests and their resolutions.”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“Adopt a policy of fair-but-firm when dealing with late rent, and the issue won’t leave you bankrupt.”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“never let them get more than two weeks behind, don’t make it a habit,”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“•  Challenge Tax Assessment: One of the largest expenses you’ll pay each year is the annual property tax bill. If you feel that the value that your County’s Tax Assessor has given to your property is too high, you can challenge it and ask that it be changed. There is no guarantee that it will be, but if your case is strong enough, you might be able to save hundreds or thousands of dollars per year.”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“Al Williamson’s excellent book 40 Ways to Increase the Net Income of Your Rental Property.”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“Just make sure that your rental price isn’t so high that if affects your vacancy rate in a significant way.”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“Lastly, when a tenant moves out, don’t throw away their file. Keep all tenant files for at least ten years. You never know when you might need them, and rubber bins are cheap and can easily be stored in your attic or garage.”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

“Should something bad happen in your business and you are forced to appear before a judge, generally the rule holds true that “he who has the best paperwork wins.”
― Brandon Turner, The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits