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August 16, 2014

A New Breed Of Landlords In Rochester, NY

The days of the dreaded Landlords (slum-lords) is coming to an end.

 

The landlords of today are a new breed, they prefer the term Real Estate Investor. They are from all walks of life, Doctors, Lawyers, Engineers, Factory workers, Mom & Pops, even College Students.  And they are all going after the best tenants and the best locations to buy their properties.  They are renovating and updating those properties as soon as they can buy them. We are all in this for the long term and know that if you want your investment to keep bringing you income for years to come they have to be well maintained.  We don’t believe in the slumlord term of (putting lipstick on a pig ) I hate that term and when someone ask me to do that I tell them we will not do that kind of work and they need to find someone else.

A few weeks ago I received an email that got me aggravated, here it is.

(Hello ! Do you have any kitchen cabinets (uppers) that you no longer have use?  We ended up having to tear down existing cabinets (smelled like squirrel) and don’t want to put new, expensive cabinets up.  Inner city rental so they dont have to be cherry, shiny and new….(but would take those too….)  Have exhausted the Rehouse and Craigslist searches with no luck. We may have to break down and buy new….)


This is the attitude that I mentioned above if you don’t care enough to fix the property the right way then you should not complain when you get a problem tenant that you have to evict. If you don’t  care about your property why would you expect  your tenant to. Then there’s the landlords that just want to rent the property, They show it as the previous tenant is moving out. They want the cash so they take a deposit and rent it, with out even having it cleaned let alone repainting and shampooing  the carpets.
So if you don’t maintain your properties or screen your tenants you deserve what you get.
Remember that you will be left with the choices of the tenants that the new breed of property owners reject.
This is my first  post on this new site, keep checking back because I will try to keep you updated about the rental market here in Rochester, NY.  You can also sign up to get feeds from us from our rss feeds.

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