Expensive Mistakes Landlords Make (Don’t Do These 7 Things!)

Рет қаралды 31,826

Күн бұрын

Are you aware of the most expensive mistakes landlords often make? Overlooking important aspects of property management can lead to significant financial losses. From inadequate tenant screening to neglecting maintenance, these errors can impact your rental income and overall profitability. Our latest video breaks down these common pitfalls and offers practical tips to avoid them. Watch now to protect your investments and ensure a smooth-running rental business!
Learn more: blog.richeypm.com/don-t-make-...
Tenant Screening Checklist: bit.ly/3bx1sWw
Being a landlord is a tough job and some mistakes can really cost you. In this video we outline 7 expensive landlord mistakes that you should avoid when managing your rental property.
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Richey Property Management is a residential property management company serving Northern Virginia. Our goal is to elevate the Landlord/Tenant experience by providing outstanding service and communication and through the use of innovating technology and creative problem solving. Our years of experience and dedication to enhancing the lives of our clients make us a clear choice when selecting a property management company.
We look forward to hearing from you soon and talking about how we can help you!
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Пікірлер: 23

@RicheyPropertyMgt 3 жыл бұрын

Thanks for watching! What other mistakes have you made as a landlord that others should avoid?

@Monipenny1000 2 жыл бұрын

Landlords today have it made. With content like this at their disposal, they can be successful much quicker. Some of us had to learn the hard way and here you are teaching the new investors. Never take for granted the tools made available to you if you are new to investng.

@nancybergeron4522 Жыл бұрын

Thank you very much for these important points to consider. I am a first time landlord and you have helped me a great deal.

@RetrieverTrainingAlone 2 жыл бұрын

Take photos and have the prospective tenant sign and date each photo. That way if tenant damages anything it can be documented.

@RicheyPropertyMgt 2 жыл бұрын

Definitely a great idea!

@jimmyday9536 2 жыл бұрын

Another great video! As a landlord/investor in MD for many years, I would like to add some points of my own, if I may.......first, the NoVA/DC/MD area is very landlord-unfriendly, so be careful! You said it well as to listening to sob stories (we have a BOOK of them!). "FRIENDLY WITH ALL, FRIENDS WITH NONE". That will make your life easier. NEVER have any tenants utilities in your name. If the water bill comes to the owner, have the tenant reimburse it as rent, and get a separate deposit. Always charge an application fee, and check them out before they sign a lease, the cheapest eviction is the tenant you did not rent to because they did not qualify. Never "collect rent", have the tenant deposit it at the bank or online. Never accept any kind of check or money order, ever. Deal with late rent and lease violations promptly and firmly. Hope this helps☺️

@lancerudy9934 2 жыл бұрын

Very helpful! Thanks

@nashennaidoo1105 Жыл бұрын

This has been so helpful. Thank you. I think that another mistake is being too hands on. It's something thats not sustainable in the long term, especially when considerations are made that takes a landlords personal contributions as a given. As you expand and get more units, its either too much to handle or the landlord becomes deterred and eventually lacks motivation.

@Huschai3 2 жыл бұрын

Thanks for posting these videos. We’re planning on owning property and the videos are very helpful.

@nonferocious3100 Жыл бұрын

Thank you so much!

@icykid Жыл бұрын

Fantastic channel

@dianasalerno1407 2 жыл бұрын

Great points! Thanks for linking the tenant screening checklist in description

@pancakepancake3789 Жыл бұрын

Hello and thanks for the video! New subscriber here! :) Could you please re-post the tenant screening checklist? The link doesn't work. Thanks again!

@sheliastarcher Ай бұрын

Didn't treat the tenants all the same and would even scratch up my new car

@sheliastarcher Ай бұрын

My landlord would raise my rent at anytime he felt like it. It was HUD low income rental housing apartments, he over charged me all 4 years I lived there and would laugh at me when he got by with it

@cherylfrancis9368 2 ай бұрын

Curious best way to do inspections for midterm rentals under 5 months?

@sheliastarcher Ай бұрын

How do I contact you about bad landlord

@lupitaal-langawi1473 2 жыл бұрын

😮

@sarikaoad4650 3 жыл бұрын

How do I contact you?

@nathanielcook3579 2 ай бұрын

If you don’t want to deal with maintenance do not be a landlord. Saying you’re annoyed because a tenant is calling with legitimate issues means you are a slumlord.

@TinaK8 Жыл бұрын

No electricity. No water. No septic. For days. And Pests everywhere. Who wants to represent?

@reneev1010 Жыл бұрын

Thank you so much for the info. But, I do not know if you were aware, but you are a very beautiful person but your eye makeup makes it look like you have bruises.