Managing Rental Property
Managing rental property is not for the faint of heart. I can state this fact from experience; my husband and I own one rental property, a house that we purchased from his ex-wife, and our first experience with tenants was almost our last. It seemed like such a good idea - our daughter and her family needed a place to rent, and we had a place that needed renting. What could go wrong? In a word - PLENTY. Grass didn't get cut, rent didn't get paid, utilities got shut off, and we heard just about every hard-luck story imaginable. Eventually, we had to evict them - a process which was lots of fun, with hurt feelings and legal fees all around. In the end, though, my husband and I learned some very valuable lessons...the hard way. It would have been great if I had done my homework before offering up the first lease. Being a landlord doesn't have to be a traumatic experience; all it takes is a little knowledge and planning. Here are the basics. So...you have an extra house you want to rent out? Great! No matter how strong the housing market is, there are always people who can't, or choose not to, purchase a home. Before you stick the "For Rent" sign in the window, though...how much do you think you can get for you
com) In addition, it's important that you follow the laws of your state, county, or local government. Once again, it's imperative that you follow the guidelines set up by your particular state. This helps you to cull the prospective renters from the "simply curious". com) It may seem like an expensive way to handle something that seems so simple. You do have a lease prepared, don't you? The lease is vital; it's also vitally important that the lease cover certain things, such as the names of all people who will occupy the property, the limits on tenancy, the terms of the lease, rent, deposits and fees, repairs, entry by the landlord or his agent, pets, and any other restrictions. in the long run, though, you'll save money. Once you've had a few calls about your house, and you have someone who is interested, you're ready to sign the lease - right? Wrong! If you're interested in a quality tenant, and in getting your rent on time, you'll take the time to screen your applicants. This is not the time to engage in "do-it-yourself" law. You'll want their rental history, employment history, credit history, and references.
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