How to Become a Fair, Reasonable, and Profitable Landlord in 6 Simple Steps

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  • How to Become a Fair,Reasonable, and ProfitableLandlord in 6 Simple Steps

    B Y : W D A R R O W F I E D L E R

  • An Overview of the Presentation

    Live Near Your Properties

    Review Each PotentialTenant

    Make Tenants Pay Rent Make Specific Leases

    Know the Law Research, Purchase, andPrepare a Property for

    Lease

    01

    04 05 06

    02 03

  • One

    Live Near Your Properties

  • Make sure you live near the

    properties you are interested in. If

    you purchase and manage properties

    that are far away from you, you will

    have a more difficult time keeping

    up with maintenance and making

    sure the staff is doing things

    correctly. Make sure to check the

    property regularly for any needs it

    may have.

  • Two

    Know the Law

  • According to Laura Agadoni from Trulia.com, Most states havespecific landlord-tenant provisions that cover issues such as security

    deposits, level of access to the property, and how much notice youneed to give your tenants when you want them to leave. There also

    are federal laws you need to know, such as habitability and anti-discrimination laws.

    https://www.trulia.com/blog/think-can-landlord-7-things-consider/

  • Three

    Research, Purchase, and Prepare a Property for Lease

  • Make sure to find a property that has

    inherent value, whether that value is

    in its ability to be renovated and used

    or move-in ready. Find out ways to

    research properties in my blog on real

    estate investment here.

    http://wdarrowfiedler.net/real-estate-investing-101-from-cradle-to-grave-part-two/

  • Four

    Review Each Potential Tenant

  • Make sure to run a backgroundcheck on each tenant, as well ascheck their credit score. Get two

    character references and twoprevious rental references from

    each tenant. Interview thepotential tenants, as well. You

    will have a better idea of if theywill be caring tenants who treatyour property with respect and

    pay rent on time.

  • Five

    Make Tenants Pay Rent

  • Some tenants may be "flexible" with when they pay rent, sliding back afew weeks. It is important to A) keep a professional relationship withtenants and B) enforce tenants to pay rent on time. One can enforce

    timely payment by making tenants pay late fees.

  • Six

    Make Specific Leases

  • If you are going to have leases for

    each rental property, it is important

    to hire a lawyer who can create the

    language for your leases. This will

    keep you safe financially and legally

    in the event that a tenant takes

    legal action against you or you need

    to take legal action against him/her.

  • Thank you foryour time!

    S E E T H E O R I G I N A L B L O G P O S T A T W D A R R O W F I E D L E R . N E T !

    http://wdarrowfiedler.net/