I have lunch with a friend about once a week. He has several properties in the downtown area. One is a big building with over 100 apartments. He has some very high-end places for lease. He rents a lot to doctors, lawyers and others who like spacious apartments too. My wife and I own a couple of small buildings with a total of 10 apartments in the small town where we grew up. Though my childhood friend is a millionaire landlord, we both use multifamilytraffic.com to keep our apartments leased.
Our two buildings are small and very well kept. We make sure that everything from the landscaping to paint on the handrails in the stairways is always new and fresh looking. We are able to charge a bit more for rent because we have very nice apartments. We have a turnover not because of having bad renters, but because of their jobs. Continue reading