101 years old and still a landlord

This 101-year-old lady has long history of being a landlord. Read her story here. 

Being less sad works for me

It took these brilliant Canadian researchers to discover that money may be a more effective tool for reducing sadness than enhancing happiness. Put another way, money might not make you happy, but it can help you feel less sad.

Less sad works for me. So I’ll take having a few bucks in my pocket over being broke any day.

You can read about their report here. 

How to settle disputes among tenants

A reader sent a question to me, and I thought it would be good to post my answer for all to read.

Hi George,

You often talk about how landlords can deal with problems they’re having with tenants, like collecting past due rent and not taking care of the home. But how about dealing with issues among tenants themselves? I have a situation with two tenants fighting over an air freshener that is getting me stuck in the middle.

Thanks,

Ned

Hi Ned,

Best I can do is tell you how I handled something similar …

I once owned a 10-unit, two-story apartment building. One of my tenants was a middle-aged couple who had a disabled adult daughter. The young woman would spend hours a day gathering aluminum cans, plastic bottles, and glass jars from along the streets and trash cans she came across. Then she would bring them back to the apartment where she had set up a table on the patio to sort out her findings.

The tenant living above them called me. She said the goings on downstairs was creating a health hazard. Rats were running around and the smell was terrible.

I confronted the downstairs tenant who explained that once a week he’d load the items in his van and take them to the recycler. It gave his daughter something to do, plus made her feel good that she was making a little money.

Next I had my exterminator check the patio area out. He couldn’t find any trace of rats or any other rodents. The space was clean since the daughter thoroughly hosed it down each day.

Then I went back to the upstairs tenant and relayed the findings. Didn’t matter. She still wanted it to stop. And if I didn’t do something about it, she’d call building and zoning.

The last thing I wanted was some inspector snooping around, because if they look hard enough, they find something wrong.

So I decided to get both tenants to neutral territory … a local coffee shop … to discuss this together.

I had the upstairs tenant explain what she found objectionable. Then I asked the downstairs tenant explain how this activity was therapy for his disabled daughter.

The upstairs tenant wouldn’t budge.

So then I asked her when she found the collecting of recyclables to be the most objectionable.

“When I’m trying to watch my shows. All that noise from their patio.”

“What are your favorite shows?”

“Judge Judy and Judge Brown.”

“I like them too,” said the downstairs tenant.

The two of them back and forth recapping some of their favorite episodes.

I eventually managed to find out that those shows were on from noon until 2:00 pm. And I got the upstairs tenant to agree that if there was no noise coming from the downstairs patio during those hours, she would be happy.

The point here, Ned, is that if tenants are squabbling with each other, you best get in the middle and take control. Otherwise, you have no idea how it could turn out. You could lose one or both of them as tenants or end up in court yourself.

Good luck!

For more ideas on buying and managing rental properties, pick up a copy of What You Must Know BEFORE Becoming a Greedy Landlord. It’s available from Barnes & Noble, Booklocker, iTunes, and kobo. You can also order it in paperback and Kindle formats at Amazon. 

$305 BILLION for long-term care with no end in sight!

According to the Pew Research Center 10,000 Baby Boomers turn 65 every day. And that trend will not slow down for many years to come. Neither will the demand for long-term care services.

In fact, a recent report revealed that Americans spent $305 BILLION in 2015 on long-term care with in-home care leading the way as the most affordable option.

You can read more about the report here. 

Best wishes,

George

P.S. You’ve worked hard all your life ... did without so you could invest for the future ... now you look forward to retiring soon. Traveling, playing golf, or pursing another career. But do you know you are about to face the biggest financial risk in your life? 

Not sure? Then you must read A Boomer’s Guide to Long-term Care.