10 Tips on Being a Successful Landlord
The ten tips provided below are the most common ways to ensure your success as a landlord.
1. Always check references. Always ask for references and take the time to follow up on them.
2. Get it in writing. All Work Orders must be in writing, lease agreement, move in and out etc.
3. Provide a clean and secure residence. Keep the grounds of the property clean and free of debris.
4. Pick your managers carefully. If you do not have the time to personally manage your rental properties, you will need to hire a manager.
5. Get insured. Make sure that you have the maximum amount of rental insurance, property liability insurance. This can help protect you from losses.
6. Make repairs promptly.Don't have the time, call your local Handyman.
7. Respect the privacy of your tenants. Most states require at least a 24 hour notice before a tenant is required to allow their landlord to enter their rented dwelling.
8. Do not discriminate. Follow the Fair Housing Administration Act when you screen prospective tenants.
9. Have a well-drafted lease.
10. Always be fair. In addition to avoiding discrimination, strive to treat all of your tenants fairly.
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