Successful landlords....I am thinking of buying a rental property.?

Question

Any tips, hints or suggestions to help me be a successful landlord? Any advice?

Answer 1

Never take a personal check for deposit and first and last. Use a screening company to check tenants application and past rental history. Call and verify employment. Charge them for the application fee for the screening company (around $45) Check with your utility company to see if they will put utilitys in the name of the tenant, if not charge a utiltiy deposit also. Call past landloards. Look inside their car, if its a garabge dump, thats what your house will look like in side. Remember no pets and no one lives there unless they are on the lease. Remember once they are in, you will play hell to get them out. I hated renters, they lie and trash your prop.

Answer 2

Buy properties that are already occupied, with good tenants that is, that way you arent losing any money every month waiting to put tenants into your place. Then ask the seller why they are selling, you dont want to buy a headache. Then make sure you have someone come in and inspect the place, make sure there are no major repairs needed. Do your math, calculate what you think your expenses will be and what your income will be and make sure you will turn a profit, you dont want to be in the hole.Oh, before you buy, if the place is already occupied, sit down and talk with the tenants, make sure you have honest, tenants. Then you may also want to look at the payment history from the current landlord, that way you know if you have any tenants that have a habit of paying late, you may not want to deal with that. Also, another tip is hiring a management company to manage your property, its not cheap, but they handle everything, collecting rent, receiving and repairing maintenance request (at your expense of course), even handling the leasing (doing background checks, references, etc.), and handling the eviction process (if you need to get rid of someone). Follow these and some other rules and you should be on your way to being a great landlord!

Answer 3

Check credit.

Check references.

Develop rules. Don't compromise on your rules. Act fairly. Don't listen to sob stories. Protect your investment.

Have a lease or a rental agreement. Cover important topics like pets, deposits, rights and responsibilities, who can stay, subletting, etc. (the landlord group would be an excellent source of some of the stuff that should go in this agreement).

Evict if necessary and do it quickly.

One bad tenant can really mess you up for years.

If you can't handle this stuff, considering hiring professionals to manage your property.

good luck!

Answer 4

Ensure you have good rental agreement and fully understand it yourself and your obligations under it.
Photograph everything in the property to keep a permanent record as to condition both internal and external before every new tenant moves in.
Be prepared to pay for good professional advice and services.

Answer 5

First, grow skin as thick of that had by an alligator. Then join your local landlord's association so that you can interact with other landlords and discuss issues.

Answer 6

does no longer be well worth it for breaking even. The HOA fee ought to boost fee of the dues and leave you paying the changes and as nicely which could have a bylaw to dodge you from renting out the residences. i might think of long and confusing formerly making an investment in something such through fact the valuables your staring at.

Answer 7

Throughly screen your renters. Check credit and references. make sure the deposit will cover any and all mishaps. Do not finance 100% of an investment property, put 20%.