Becoming a landlord is a huge responsibility that requires careful planning and regular maintenance of your property. Choosing the right tenant is crucial. Good landlords always consider the safety and well-being of their tenants while still keeping their own best interests in mind. Here a few quick tips for landlords.
1. Screen Tenants
Don’t rent to anyone without checking credit history, references and background. Not screening your tenant can lead to a myriad of problems such as a tenant who pays late or not at all, trashes your house, or lets friends move in.
2. Get It In Writing
Be sure to use a written lease or month-to-month rental agreement to document important information about how you as a landlord will handle tenant problems and repairs, if the landlord needs to give notice before visiting, on what day the rent will be considered late and if there will be a late fee.
3. Make Repairs
Stay on top of maintenance and repair needs and make repairs as soon as possible after being requested. If you do not keep the property in good repair, you run the risk of getting sued for injuries caused by defective conditions.
4. Provide Secure Premises
Assess your property’s security and take reasonable steps to protect it. Keep landscaping trimmed and provide proper lighting. These are not expensive things to do.
5. Obtain Insurance
Purchase enough liability and other property insurance. A well- designed insurance program can protect you from lawsuits by tenants for injuries or discrimination and from losses your rental property caused by fire and storms to burglary and vandalism.
Investing in property can generate serious income, but there’s more to it than collecting rent. Open and constant communication is the key to any landlord/tenant relationship. If you are planning on buying a rental property, keep these tips in mind and hopefully you find some return on your investment.