how to become a fair, reasonable, and profitable landlord in 6 simple steps
TRANSCRIPT
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
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.
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.”
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.
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.
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.
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 !