There are times when landlords feel that the hassle of keeping tenants is just not worth the money and effort. And it would probably be true too if you don’t get smart about it. There can be many difficult complications with tenancy with the tenants usually proving to be the biggest problem. Maintenance issues and tenancy laws are further problems that will confront you.
Here are some general guidelines that you can follow to become a smart landlord.
Have a Very Detailed Application Form
It’s important that you know your tenants very well before you allow them to rent your property. The biggest mistake landlords make is to not screen their tenants well and pay the price when the tenant turns out to be annoying and troublesome. With a detailed application form, you can get to know about the tenant while you can also get references that you can call to see if the tenant is reliable and trustworthy or not.
Keep Everything in Writing
Every agreement should be in writing so that in case of any problems, you have suitable proof that can be provided as evidence. From your first tenancy agreement to any changes made to it, everything should be documented. Regardless of how well you trust your tenant, having proof of it all is very important.
Know Which Eviction Notices You Can Serve and How Many Days Notice
Landlords often don’t know about different types of notices and which kind of notice can help with which problem. For instance, a 3 Day Notice to the tenant to either pay the rent or quit is served when the tenant gets late with the rent for even a day.
Here is a list of free printable Fast Eviction Service Notices
Here are the FAQ’s regarding Eviction Notices and How Many Days Notice
Have a List of Emergency Contractors
Any emergency problem with your rented property like water leakage or electricity issues will have to be dealt by you and having a list of reliable contractors who would be able to provide emergency services is important.
Know the Tenancy Law of Your State
Each state has its own tenancy law and while most of the points are same, there are quite a few differences as well. Therefore, before you rent your property, either make sure that you know the law very well yourself or hire the services of a law service which can help you understand the law properly.
At Fast Eviction Service, help on any of the issues discussed in this article is simply a click or phone call away. Email firstname.lastname@example.org or call our office at (800) 686-8686 to discuss your questions for a free evaluation of your case.
Learn How To Manage Your Rental Property Successfully
If becoming a property investor is your goal, remember that purchasing an investment property is just the first step and there are many more ahead to learn how to manage your rental property effectively. The path is a long and tedious one. Read More...
15 Things I Have Learned Over 15 Years Of Landlording
Do not rent to any of your friends, or friends of friends. Always verify your applicant’s credit, employment and rental history. Always inspect the unit with the applicant and inspection reports present before you sign contracts. You should have specific clauses in your contract to avoid roommate situations. Read More...
How To Avoid Major Expenses As A Landlord
As a landlord, making substantial money from your rented property is only possible if you are proactive about minimizing day to day expenses and reducing the risk of unforeseen costs. The following guidelines will help you reduce your landlord costs and take home maximum rental income. Read More...