Top 3 Things To Know About Being A Landlord & Managing Rental Properties

Top 3 Things To Know About Being A Landlord & Managing Rental Properties

1. SCREEN EACH TENANT Have each prospective adult tenant fill out application & at the very least, screening should include a credit report, background check, 3 months paystubs, verification of employment, past evictions, and a call to the potential tenant’s current and former landlords. Doing a through screening will save you time, headaches, and money down the road.

2. HAVE A SIGNED CONTRACT Always have a written and signed lease agreement with a start and end date of occupancy. All of the terms of the lease must be in writing and signed by each party. It would be important to obtain a complete and through lease agreement from a local property management company as to not miss any crucial terms and conditions. If you are unsure about the tenant, then do not agree to an extra long term lease. Test them with a shorter lease, then if they are dependable renew the lease so you can avoid an eviction or a difficult and undesirable tenant.

3.  HAVE A PLAN Having good plan for rent collection, repairs and inevitable maintenance. Make sure you have a clear and communicated plan about how, where and when rent is to be paid. It is preferable to have the tenant on auto pay each month so the payments are consistent. Gather names & numbers of a skilled handyman, electrician, AC repair company, & landscaper, as these will be your main issues. The tenant needs to know in writing what their maintenance responsibilities will be.

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