Michael Boyer > Quotes

“This is one of the best feelings you get as part-time landlord: You completed a laborious turnaround and matched a deserving tenant with a safe, clean home. The”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“My simple philosophy is to get good tenants and leave them alone. That means I emphasize selecting the right people (those inclined to be long-term, respectful tenants). And then—other than routine maintenance or reminders—I leave them to live peacefully in the unit. Of course, if a tenant calls or contacts me about an issue, I respond right away. I aim to be a background presence in tenants’ lives, helpful when needed, but not in the way.”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“If you find any additions that were done without a permit, consider crossing the property off your list.”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“Also, note there is no time limit on the IRS screening you for a fraudulent return or taking action because you failed to file a return.”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“Make sure you time and structure your offer so as to never offer the same unit to two people.”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“Focus on buying property that should produce positive cash flow from the outset, based on your cost estimates.”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“Your only viable solution might be to not renew one or both of the tenants’ leases if they can’t work through the conflict.”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“Be on the alert for tenants who do not list their current landlord or ask that you not contact the current landlord.”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“You’ve probably heard the phrase “buy and hold”—that is, to make money, a landlord should just purchase property, rent it out, and hold it a decade or two before selling at a profit.”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“Cut down on service calls with preventive maintenance. See Chapter 5 for advice, including on how to develop a”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“Aim for Full Replacement Cost While policies and terms vary, get the closest you can to 100% replacement value for your dwelling. This way your insurance will cover any full loss of the property. Often, state court rulings will outline how insurance contracts are interpreted in each state. Talk to your broker, attorney, or another expert in the area. If you are not able to get guaranteed replacement cost, look at extended dwelling coverage options.”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“later!) Seven years is a safe time frame for most tax situations”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“Some of these exempt certain landlords, such as those that own fewer than three properties.”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“have had tenants ruin ovens when cleaning them, shatter shower doors, and even break windows with odd objects. Even with this litany of dings and cracks, when I step back and look at the cost of repairing one window, replacing a few boards on a fence, or even losing a used oven, keeping the good tenant long term is usually worth it. The lifetime value of a customer, especially one writing a four-figure check like clockwork every month for several years, far outweighs the cost or inconvenience of the minor repair.”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“Be clear about what the rent includes.”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“Cats up, dogs down. Whether it is a condo or multistory fourplex, I prefer large dogs to be housed on ground floors and cats or smaller dogs upstairs. Large dogs upstairs can create an issue jumping, playing, and running, thus bothering the downstairs tenant.”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“Second, be cheaper. Offer a comparable unit for less than the others on the market, which you may be able to do with low overhead and by reducing turnover.”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“tenant mentions a shrub needs to be trimmed, so you say you will get to it when you come by next time. When you stop by a few days later, you notice that the shrub is not really overgrown. Trim it anyway. You have said you would, and the larger issue is not the shrub, but the trust. If you leave it undone, it will serve as a daily reminder of something you said you’d do but didn’t.”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“Life Span of Common Appliances Consider the relative life span of appliances when making the decision whether to repair or replace them. Appliance Average Life Exhaust Fan 10 years Compactors 6 years Dishwashers 9 years Disposal 12 years Dryers, Electric 13 years Dryers, Gas 13 years Freezers 11 years Microwave 9 years Ranges, Electric 13 years Ranges, Gas 15 years Range Hoods 14 years Refrigerators 13 years Washers 10 years”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“The key is to employ one (or both) strategies; otherwise, you are offering the same thing at the same price as your competitors (and don’t have an advantage). Don’t leave it to chance: have a strategy to offer the price and unique terms or features, so the best renters call you first.”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“J.D. Power, which measures customer satisfaction: JDPower.com (look at the “Awards & Ratings” dropdown menu), and •​AM Best Company, which rates insurance companies on financial strength: AMBest.com.”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“Renters shop for housing primarily based on the number of bedrooms and baths.”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“The two-person-per-bedroom standard mentioned in”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“Be consistent and treat all applicants equally in all phases of the tenant screening and selection process.”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“A nagging property problem can cause sleepless nights. Bending”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“Even a perfect property can be flawed if it doesn’t have the right landlord. Make”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“Develop an emergency script to end a showing before it even starts. If someone appears intoxicated, unstable, or threatening, have a quick explanation of why you can’t go inside the unit together. Stay in your car or a publicly visible area and tell them the exterminator got mixed up and just visited so there are toxic fumes for 24 hours.”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“Prioritizing tenant safety first, then property protection and preventive maintenance, will help keep you on course and prevent injuries and liabilities.”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“If you replace carpet in an upstairs unit, get the thickest pad possible. Also, put thick area rugs on hard floor surfaces like kitchens, entries, and hallways.”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out

“Replace an old hot water heater before, not after it springs a leak.”
― Michael Boyer, Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out