I'm thinking seriously of buying a 3 family home near me. What can I learn from you all to shorten my learning curve? What should I expect? What are the pros and cons?
Thanks in advance.
2007-12-16 12:36:36 · 3 answers · asked by Think.for.your.self 7 in Business & Finance ➔ Renting & Real Estate
I agree that you need to know the tenant/landlord law in your area. Are you going to occupy it also (the laws might be different if you are going to live there - don't rent to anyone you don't want to share your life with)?
I agree about having a great lease. Use it to protect yourself (and your tenants):
Check references
Check credit
Do NOT rent to friends (what a great way to destroy a friendship).
Do NOT listen to sob stories
Get a lawyer on retainer or figure out how much one will cost
Evict quickly
Know that one bad tenant can really put you in a bind.
If it works the way it is supposed to work it can be great.
Don't buy a place without knowing you could make the mortgage payments on your own if you had to (for some reason).
good luck!
2007-12-17 03:11:32 · answer #1 · answered by Rush is a band 7 · 0⤊ 0⤋
Always do a credit report and a employment verification, ask for first month and a security deposit, put in the contract that if rent is late there is a penalty,that either party must give a 30 day written notice before eviction or vacating the premises and that tenant is responsible for paying court cost if it comes to that.
2007-12-16 13:31:24 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Assuming you will rent out the apartments, you need to make yourself aware of Landlord / Tenant laws in your area. Draw up a good lease that will protect you from miscreants. Do background or credit check on new applicants.
2007-12-16 12:46:33 · answer #3 · answered by Tony d:-) 6 · 0⤊ 0⤋