Fill'er Up!: The High Heels Landlord's Guide to Filling Your Rental Property

By Cynthia DeLuca

Wondering all the in’s and out’s of renting your property? Fill’er Up is the perfect guide for any landlord, including High Heels Landlords. From how to find your ideal tenant to moving them in and all the necessary steps in between, Fill’er Up covers topics like background checks, required legal documentation, clauses for your lease to consider, and how to get tenants to pay quickly and for the most money. From the author of The High Heels Landlord, Fill’er Up continues the next steps of a sound income producing investment property.

• Language: English
• Publisher: Cynthia DeLuca
• Release date: Aug 19, 2021
• ISBN: 9781732659278

Cynthia DeLuca

Cynthia DeLuca started her real estate career in 1999, not knowing what she was doing or where it would lead her. Today she is one of the top experts in the real estate industry, including sales, brokerage management and investing in rentals.Cynthia DeLuca started investing like anyone else, with one property, one day, on accident. During the past 20 years, she has accumulated a portfolio of properties ranging from single-family homes to multi-family properties to apartment complexes.Cynthia DeLuca has authored materials used all over the United States on topics all gathered around real estate. For the past 20 years, she's been a Realtor, real estate broker, owner of the largest independent real estate company in Central Florida, and public speaker. She's spoken to thousands of people at events hosted by the National Association of Realtors and other organizations, totaling more than 1,500 speaking engagements.

Book preview

Foreword

I've had the pleasure to know Cynthia DeLuca professionally for over 20 years. Let me be blunt: She knows her stuff!

There are quite a few real estate authors that spew crap without real-world experience. That's not Cynthia. She lives, breathes, and thrives by operating her properties and teaching others how to do it successfully. Cynthia is telling you how it is; the unvarnished truth.

Read the book, apply her principles, and you'll do well as an owner of profitable real estate. Why believe me? For almost 45 years now I've been one of the largest private owners of investment property in South Florida. Starting with a small investment home in Fort Lauderdale, Florida to warehouses, apartments, condominiums, and single-family homes.

I've experienced everything Cynthia has written about. She and I have laughed over the similarity of our paths, both the smooth and rough. Make no mistake, real estate investing is not for the faint of heart. However, follow Cynthia's advice, apply her tried and true principles and you too will succeed.

One final word: Just like life, you meet good people and not so good. Tenants are people. Make wise selections, keep your heart out of it. Stick to the principles Cynthia writes about and enjoy the ride!

Steven J. David

Investor and landlord, over 500 properties

Vice-Chairman, Port Everglades Board of Commissioners, retired

Ocean Reef, Florida

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Socrates once said I cannot teach anybody anything. I can only make them think.

The purpose of any author, instructor, or speaker is getting YOU to think. The beauty of Fill’er Up is that it not only makes you think but provides you with all the necessary information to fill your rental properties.

Often, times will lead you to places that you haven’t been. This is where you seek advice. Advice should come from someone who truly has the experience, knowledge and expertise to guide you down the path. Cynthia has just that. She follows the steps outlined in her book and has true hands-on experience that they work.

Having known Cynthia for many years both professionally and personally, I can assure you that she practices what she preaches. If you’d like to fill up your rental unit, you need a starting place, and you’ve found it with Fill’er Up. This book will help you get to where you want to go and will give you the tools and guidance you need for true success.

Grant W. Simon Practicing Mortgage Banker NMLS # 301013

Licensed Real Estate Instructor

Introduction

So, you’ve decided to become a High Heels Landlord. Congratulations because you’re making a move that will help secure your financial future!

A future that involves being able to help pay for your kids to attend college, fund your retirement, or cover the expenses for that dream trip around the world you’ve been wanting to take.

Whatever your reason, becoming a High Heels Landlord is a commitment you have made. It is also the first step to taking control!

Always remember that, as a High Heels Landlord, our biggest priority is making a profit. And up until the point of finding a tenant—a paying tenant—we’ve actually lost money updating our property, getting it ready, advertising it for rent, etc.

But how do you find that tenant, the one who makes you profitable to the point where you can earn your High Heels status because you’ve filled your unit with just the right person?

That’s where this book comes in, so keep reading…

Chapter 1

Your Ideal Tenant

Before a company can sell a product, it must first identify the most likely client for that product. For instance, if Nissan has a brand-new minivan for sale, who is the candidate most likely to purchase it: a 19-year-old college student or a 42-year-old mother of three?

I’ve never known a 19-year-old who wanted to buy a brand-new minivan, let alone drive one unless they were broke and it was a hand-me-down from their parents. So, the choice is clear. It’s the 42-year-old mother.

Armed with this information, Nissan would probably send promotional materials and postcards to her, being the minivan’s most likely purchaser. Of course, they won’t refuse to sell to a 19-year-old college student, but this demographic is not a likely purchaser.

Now, apply this same approach to your status as a landlord. Look at your product (your property) and determine who is your most likely customer (your most likely tenant).

So, first, you must evaluate your product, then determine your most likely tenant. Got that person or family in mind? Good, because the next step is to target them. Let’s test your targeting skills.

Testing Your Targeting

Imagine that you purchase a 2-bedroom, 1-bath starter size home and rents in the area show that the property should be priced below the median rental value (we’ll get more into how to do this in a future chapter but, for now, just assume that it’s done). Based on this information, which is your most likely tenant?

A-An elderly single person on social security income

B-A family of five

C-A recent college graduate just starting a new career

If you selected either a or c (or both), you’re off to a great start! Let’s look at another example.

In this scenario, picture that you just purchased a great find with 4 bedrooms and 2 baths. Which is your most likely tenant for this property?

A-An elderly single person on social security income

B-A family of five

C-A recent college graduate just starting a new career

Hopefully, you picked b as your answer.

Do you get the idea? You must first evaluate the most likely candidate that will be interested in your property.

My Disclaimer

Now, I have to make a disclaimer here. Just because you have a 2-bedroom 1-bath starter home doesn’t mean you won’t get a family of five who wants to rent it. But what’s the challenge with renting to that many people?

One, if you have a septic tank, it might not be an appropriate size to handle that much use. Two, you may want to check with your city or county ordinance to determine if you have an occupancy rule and, if so, what that rule is.

For example, in one of the cities in which I own rental properties, there is an occupancy ordinance that reads as follows:

33-03.01. General applicability. Except as specifically provided below, the provisions of this chapter shall