Important Tips on Managing a Rental Property
1. You should not rent to anybody until you have on his or her credit history. Half-fast screening and tenant selection too often results in problems - a tenant who pays the rent late or not at all, trashes your place or moves in undesirable friends; or worse.
2. It is vitally important that you establish a clear, fair system of setting, collecting, holding, and returning security deposits. Before the new tenants move in, be sure to inspect and document the condition of the rental property to avoid disputes over security deposits whenever the tenant moves out.
3. Make sure you get all the terms of the tenancy in writing. Every detail is important. You truly can never have too much to write about here. It might be wise to have this checked over by a some sort of legal professional. For the rental application and rental agreement, be sure to document important facts about your relationship with your tenants. This should include things like when and how you handle tenant complaints and repair problems, the notice you must give to enter a tenant's apartment and the like, and payment information.
Please post any more tips if you have them. I'm eager to learn all I can. I will be posting more later as find them.
Comments