Comments on: Real Estate Investing : IRON FIST Property Management! http://www.mustknowinvesting.com/2008/05/22/real-estate-investing-iron-fist-property-management/ Tue, 09 Nov 2010 14:19:37 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Patrick Riddle http://www.mustknowinvesting.com/2008/05/22/real-estate-investing-iron-fist-property-management/comment-page-1/#comment-52 Patrick Riddle Sat, 24 May 2008 17:02:04 +0000 http://mustknowinvesting.com/?p=82#comment-52 Thanks for the comment Randy! You're right saying that emotions can't be involved. I've heard sob story after sob story. It is not always easy to stick to the contracts though. But every break we've given a tenant comes back in the form of additional excuses and a mind set that they can get away with it again. Make sure that your tenants don't know you're the owner. It makes it a lot easier when you are just working for the man and have to collect on them regardless of their story. You are not the decision maker so it's not up to you. Thanks for the comment Randy!

You’re right saying that emotions can’t be involved. I’ve heard sob story after sob story. It is not always easy to stick to the contracts though.

But every break we’ve given a tenant comes back in the form of additional excuses and a mind set that they can get away with it again.

Make sure that your tenants don’t know you’re the owner. It makes it a lot easier when you are just working for the man and have to collect on them regardless of their story. You are not the decision maker so it’s not up to you.

]]> By: Randy Adkins http://www.mustknowinvesting.com/2008/05/22/real-estate-investing-iron-fist-property-management/comment-page-1/#comment-50 Randy Adkins Fri, 23 May 2008 14:48:24 +0000 http://mustknowinvesting.com/?p=82#comment-50 This very timely. My wife and I have owned one rental property and we are planning to acquire many more. I agree that expectations must be clear upfront and emotions cannot be a part of decisions with tenants. Our company has policies and we must adhere by the policy. If the policy states that you must pay a late fee then I have no choice but to charge a late fee because this was understood in the beginning. This post should be shared with all landlords. Thanks, Randy www.nlightenllc.com "Solutions for Real Estate" This very timely. My wife and I have owned one rental property and we are planning to acquire many more. I agree that expectations must be clear upfront and emotions cannot be a part of decisions with tenants. Our company has policies and we must adhere by the policy. If the policy states that you must pay a late fee then I have no choice but to charge a late fee because this was understood in the beginning. This post should be shared with all landlords.

Thanks,
Randy
http://www.nlightenllc.com
“Solutions for Real Estate”

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