28 ways to make more money Collecting rent payments 3 months ago   11:46

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Rent Like A Pro
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The Rent Like a Pro Team has over 20 years' experience in residential property management. They teach at various apartment associations and landlord organizations. They have managed thousands of properties from large, multi-family complexes to single family homes. Their online video training program has helped many landlords and property managers increase their income and improve their management systems.

Rent Like a Pro is a team of professional property managers collaborating to develop a site that gives landlords access to the tools and techniques the pros use. This site is a source of the most up-to-date property management and landlord techniques for building residual income through real estate investing.

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Comments 70 Comments

Rob Fensterer
I'd feel dirty passing most of these fees to a renter
Kim Stuart
Just out of curiosity what's the difference between listing all of these extra fees separately rather than just factoring those into your rent just explaining them at the time of signing? Sounds like to me instead of charging $700 for rent should have just charged 850 like everyone else
wwwlouie
Good advice!
Kim
This man is just greedy. Pets cost money. Pets are in need of home all over the US. Charging extra money to have pets in the form of security deposit and extra per month is ridiculous. The security deposit should be enough. Too many fees from this man, he is not a good landlord, move on. Lease signing charge? LOL! Missed appointment charge? He is horrible and ridiculous! We do not need people like this in the rental industry.
Endy M
What about letting pet go all in front lawn can that be a fee?or taking out of deposit ?
Endy M
Question could a landlord charge more for rent due to him not checking credit like that could be a strategy for the landlord let's just say if you want your credit to be ran rent price is regular standard price or may be lower ...But if you don't want credit ran it maybe, $200 more?
Óscar Ferreira
All of these fees are paid by bad tenants. So good tenants won't be paying anything. Great vídeo!
Judgment Proof
What I may add in light of you mentioning taking care of the lawn is that if you happen to have a tenant on low income and they may not be able to afford a lawnmower or maybe there's is broken and they can't afford to get it fixed, maybe you can consider taking on lawn care and just include it in the rent. This is how mine's set up, it's all included in the rent. It's actually good to have a multi apartment building like a duplex and just include everything in the rent

Not everyone will abuse the privilege of you including your utilities in the rent. Some people will actually be careful to keep their doors and windows shut and plug any drafts they happen to find throughout the winter. As a common practice it's actually wise to keep your indoor temp at about 70 degrees. In the summer, use and energy efficient AC, and regularly clean the filters. Another thing to look at is the windows because we know comfortable air like our heat during winter and our cool air during summer can escape through the windows. What you can do is if you have those kinds of windows that slide up and down and there happens to be a gap like say in an older home with original windows is take small pieces of a pizza box and slide in those cracks where the window moves. Another area is the glass window panes. Use properly fitted bubblewrap flat side out against the window pain and stick it with baby oil, Vaseline or some other kind of oil based product that will hold the in bubble wrap in place. Where there is a draft come in and where there should be window putty, if you don't have window putty, use chewing gum until you can get the putty. At least it's better than nothing and makes a good temporary fix until you can get what you need. If you have a wooden door with a crack in an older home, you can use clear window tape to put over that crack or you can also use some kind of clear filler for that crack, just enough to plug the draft. Being in the same spot as long as I have, I do know a few little tricks up my sleeve when you're in a pinch and you're trying to save the landlord money on utilities

Some places charge extra for AC

There's a place in my town that charges extra for AC and he also comes around and installs them and at the end of the season he on installs them for each tenant who pays to use the AC. I don't recall right off hand what he charges but I think if a person has certain medical conditions and they happened to be on fixed income, you can either waive or discount that fee if the person has a valid medical condition and a doctors note stating specifically that they need the AC for that condition. Remember, you don't want to make it hard or impossible for them to be able to use the AC if they legitimately need it because then you run a risk of crossing the line into disability laws that require reasonable accommodations and in some cases, the AC can be considered medical equipment if it's being primarily used to treat that specific condition and that person also happens to be legally disabled because of that condition

Some of the extra charges like the missed appointments and appliance rental for starters are definitely not practiced around here at least not from what I noticed. If the landlord owns the appliances then they on the appliances, not the tenant. You might be able to get a used appliance from a hardware store instead of charging the tenant for a rental especially if they're on Social Security. You don't want to cross the line into price gouging because then you run the risk of financial abuse especially if the person is disabled or even elderly and they don't have much money. If they already pay the rent, you don't know what kind of hardship they may actually be experiencing so be careful

Emergency calls

Let's say the heat goes out in the middle of the night because the furnace quit working. Hopefully the tenant has a little space heater and can close themselves into a space or small room until the furnace can be fixed

Shed/garage rent

And some set up's, depending on how the home is built in the multi family unit, let's say you have a duplex and the one apartment has that shed attached to the outside of their apartment, the porch that leads into the apartment and the upstairs neighbor has their own space. I don't see it right in this type of case to charge extra.

Parking for luxury vehicles

I personally have never heard of no landlord anywhere charging for parking and RV or other luxury vehicle, I just haven't so I don't know where you may get this from but if the rental happens to be in a rural area out in the country then there's no need to charge extra as long as it's not in town hogging up the room and taking that parking space away from other tenants who may need it more. If it's not in the way and it's not a neighborhood eyesore then there shouldn't really be a problem. I don't know how your places are set up but sometimes garages are shared but are sometimes even partitioned for each apartment whereas sometimes each apartment may have their own garage. If they have their own garage and it comes with the apartment then I don't see anyone in their right mind charging to use that garage. Remember, you don't want to go charging too much or you may not be able to rent your unit. You're not necessarily driving away bad tenants but you may also be driving away good tenants so be careful how much you charge and for what because then you can easily cross the line into price gouging and even financial abuse. Just a warning to be careful
More Money
I am a plumber and it is shocking how poorly landlords manage their properties. In cleveland area most landlords are just charging rent and hoping for the best. Not to mention typically a tenant would not have the mental functioning to even understand a lease. Let alone even read what they are signing
J S
I've never had any "services" charged to me. I've never even had to pay an app. fee. I pass on places with such fees.
Kent Harris
It bothers me to no end getting HOA violations (I get them every two weeks) especially repeat offenders, by charging my tenants $25 per violation will get there attention, the #1 violation is leaving trash bins out or parking them next to the fence in plain view!. I also like the fact you charge 10% expedition fee on the security deposit. It costs me $200 to have a house professionally cleaned. Also I will start charging for appliances like refrigerators and washer & dryers. If a tenant breaks the lease I charge them the security deposit. I like the fact you charge 3 months. Not that I will be able to collect it unless I go to small claims court. I like your ideas and will implement them in the future! :-)
Jonathan Anderson
Helpful video! Appreciate the information provided.
Shontel Simmons
This is good
Steve Paige
Rent like a pro?  More like rent like a Jew.
Griffly Art and Gaming
These are great ideas.... But you can't force tenants to pay fees. Taking them to court will cost more than you'll get from them
GrailManagementGroup
Amazing idea about charging residents to pay by check or money order. (at 7:20 in this video) Love that.
MahaVakyas
are you jewish?
bjork2280
Boy is Mr. Clean GREEDY or what
Christopher P. Ore
I very much agree with so many of the comments indicating that this landlord is trying to nickel and dime tenants. On the other hand, if all the costs are clearly drawn out in the lease--perhaps even creating a 'total cost of occupancy' line item--let the tenant choose. Even if you don't agree with that, though, the video has value in creating some food for thought. A good example is the lease-break fee. As a tenant, I would value that provision of the lease in the worst case scenario that I needed to vacate at month 5, for example. That provision would set my mind at ease and at least I would know that I can get out of the lease, and exactly how much it will cost to get out of the lease. Like his approach or not, this video is valuable.
moparmon
raise the rent X28
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Collecting rent payments 28 ways to make more money 3 months ago   06:20

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Click Here for FREE Results Driven Property Management Training:

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The Rent Like a Pro Team has over 20 years' experience in residential property management. They teach at various apartment associations and landlord organizations. They have managed thousands of properties from large, multi-family complexes to single family homes. Their online video training program has helped many landlords and property managers increase their income and improve their management systems.

Rent Like a Pro is a team of professional property managers collaborating to develop a site that gives landlords access to the tools and techniques the pros use. This site is a source of the most up-to-date property management and landlord techniques for building residual income through real estate investing.

For more techniques and information, go to http://www.rentlikeapro.com/free-training/

Check out our YouTube channel: http://www.youtube.com/user/RentLikeAPro

Follow us on Twitter: https://twitter.com/RentLikeAPro

Join us on Facebook: https://www.facebook.com/RentLikeAPro

Get involved on Google+: https://plus.google.com/+Rentlikeapro/

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