Other than performing background checks, verifying income source, calling previous landlords, and pulling a credit report, what else should a new landlord consider before renting out their property? The rental will be a condo in a three flat building.
2007-02-11 10:54:06 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
There is a great book on renting. It is called "Landlording" by Leigh Robinson. The book is full of forms. Lease applications, rental agreements, promise to pay, pay rent or quit....to name a few. You will learn to do a phone interview, how to tell them no pets or smoking (or whatever you wish), how to have the tenant sign a form on the 4th day of being late and another on the 5th day. This will help in getting them out quicker should they fail to pay and showing you mean business. You will need to do a walk though and fill out paperwork with defects, take pictures and have them sign it all. Learn what is normal wear and tear and what is not. Really, the more informed you are, the better off you will be, so check out a good book or buy one.
2007-02-11 15:10:46 · answer #1 · answered by gloria 1 · 0⤊ 0⤋
I wouldn't worry too much about calling previous landlords. I've learned from personal experience that a landlord will sometimes give a bad tenant a glowing review to get them off their hands. So, take that with a grain of salt. Also, my best tenants were tenants that had bad credit. I'd still run a credit check, but consider that one reason people rent is because they have bad credit.
The best trick I've found is to suprise tenants at their house. After they fill out an application, "remember" something they have to sign. Call them when you are near their house and tell them that you're in the area and can stop by to get their signature real quick. Take a look at how they keep their place. This test has worked well with all but one of my tenants. That particular tenant came outside so that I couldn't see the inside of her apartment. That should have been a red light to me. Other than that, there's not much else you can do. Just be sure to mail them an eviction notice as soon as they are 1-5 days late on their rent. No later than 5 days. It takes a long time to get them out once their in, so don't let stuff like that go.
Best of luck
As far as not renting to black people, that is illegal. If you rent enough properties and that is your policy you will get busted. In Michigan, they've been coming down hard on realtors and property managers. It's not worth it. Not to mention that is really racist.
2007-02-11 11:02:01 · answer #2 · answered by Anonymous · 1⤊ 0⤋
I think you have pretty much covered it all and then some. I have never had a landlord ask to do a background check. You want to know how many people will live in the apartment, if they have pets and/or children, how many vehicles they need parking for.
2007-02-11 10:58:53 · answer #3 · answered by ebosgramma 5 · 0⤊ 0⤋
Watch out for pets. Most pet owners are very responsible, but there are a few who will trash your property very fast! At least, take a pet deposit, to make up for any damages.
Keep an eye on your property! There's no harm in driving by and checking on things every now and then.
2007-02-11 10:58:05 · answer #4 · answered by rita_alabama 6 · 1⤊ 0⤋
To go along with hippies answer...
You can put in the lease that you are allowed an inspection of the apartment once a month with the appropriate notice. I always include this clause. You don't have to always do it, but it gives you the chance if you get worried about your place.
2007-02-11 11:14:00 · answer #5 · answered by ? 5 · 0⤊ 0⤋
Use an experienced real estate agent who is a rental expert.
They can "smell a rat" (bad tenant) a mile away.
a good credit rating and reference does not mean they will not
destroy your condo.
I know. It happened to me.
I rented my beach house to a Coca-Cola heir who turned it into a crack house. She almost burned it down.
It was a hard lesson.
2007-02-11 11:13:15 · answer #6 · answered by charlotte q 2 · 0⤊ 0⤋
it helps to talk with your prospective tenant. if they're hard to talk to now, think of the future when it's time to remind them about their dues. if your property is furnished, make sure you list all the things that are included and their condition so that you'll be able to charge their deposit when it's time for them to leave.
2007-02-11 11:01:17 · answer #7 · answered by sirch 3 · 0⤊ 0⤋
Take photographs of the empty apartment the day before they move in.
2007-02-11 10:56:30 · answer #8 · answered by shoestring_louise 5 · 1⤊ 0⤋
don't rent to black people. trust me
2007-02-11 10:56:50 · answer #9 · answered by Anonymous · 1⤊ 7⤋