Excellent Tips On Becoming A Good Landlord
- By Prudence Wong
- Published 01/6/2009
- Real Estate
- Unrated
The first thing for becoming a good landlord is to choose the right tenant for your home. For that you need to do a proper tenant screening. However, you cannot discriminate on the basis of one's race, religion, sex, or marital status while choosing your tenant.
The next thing is that you need to make your tenant fill up the Application for Rental form. If you give an advertisement in the newspaper while looking out for tenant, give all the necessary details like monthly rental amount, description of your property, the required deposits (if any), the restrictions that you would like to maintain, etc.
Usually tenants do not like paying deposits. However, it is for your interest that you collect the last month's rent in advance. In case the tenant cannot meet the terms and conditions of the agreement, this deposit can be used by you to bear the expenses attached with evicting your tenant.
You may even collect the security or cleaning deposit so that you can meet the expenses that go with the damage that can take place when the tenant is occupying your property. The rental agreeme
nt should be properly read by both you and your tenant when you decide to rent one.
A rental agreement should clearly mention the number of days that the tenant will be given for vacating the home. This term is generally of 30 or 60 days. It is very important that you inspect your property well before the tenant occupies it. Everything should be in their right place according to the terms of the contract.
To set the rental amount, you need to know about the rent that is taken by other landlords in your area. You should also take into consideration only those units that are similar to yours. Make your tenant know about the date from which the rent will be started counting as due.
Things can go wrong with your tenant anytime due to illness, loss of employment or divorce. In such a case, it might lead to non-payment of total rental amount. In such a case, you need to sit with the tenant and communicate with him about the time by which he will be able to make the payment.
Eviction is the last thing you can go for in case the tenant fails to abide by the contract. In such a case, make sure to involve a real estate attorney who knows the real property law well.
The next thing is that you need to make your tenant fill up the Application for Rental form. If you give an advertisement in the newspaper while looking out for tenant, give all the necessary details like monthly rental amount, description of your property, the required deposits (if any), the restrictions that you would like to maintain, etc.
Usually tenants do not like paying deposits. However, it is for your interest that you collect the last month's rent in advance. In case the tenant cannot meet the terms and conditions of the agreement, this deposit can be used by you to bear the expenses attached with evicting your tenant.
You may even collect the security or cleaning deposit so that you can meet the expenses that go with the damage that can take place when the tenant is occupying your property. The rental agreeme
A rental agreement should clearly mention the number of days that the tenant will be given for vacating the home. This term is generally of 30 or 60 days. It is very important that you inspect your property well before the tenant occupies it. Everything should be in their right place according to the terms of the contract.
To set the rental amount, you need to know about the rent that is taken by other landlords in your area. You should also take into consideration only those units that are similar to yours. Make your tenant know about the date from which the rent will be started counting as due.
Things can go wrong with your tenant anytime due to illness, loss of employment or divorce. In such a case, it might lead to non-payment of total rental amount. In such a case, you need to sit with the tenant and communicate with him about the time by which he will be able to make the payment.
Eviction is the last thing you can go for in case the tenant fails to abide by the contract. In such a case, make sure to involve a real estate attorney who knows the real property law well.
Prudence Wong
Prue and her 1-of-a-kind site at http://www.realestatebloom.com (where else?)helps you to make money in ways you've never known. Discover how to be a millionaire making money via real estate investment within days, even in a down market!
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