Landlord Tips

So, what if you actually own a few properties, but want to rent them out in order to make some cash? Well, if this is what you want to do, there are a few tips you should take into consideration to make sure you are covered as well as your tenants.
One tip is never discriminate against prospective tenants. It is against the law to deny an applicant because of their skin, origin, creed, sex or disability. A landlord can base their decision off of credit history, employment history as well as income. If you are rejecting someone based off of these things, then you need to provide the applicant the name and address of the credit reporting agency. You should also keep written documentation of the reason a tenant was rejected and be consistent with all tenants.
Make sure to put a landlord and tenant agreement into writing to make sure everything is documented. This should include the name of the tenants, length of the tenancy, the security deposit amount, who is responsible for repairs, if the unit is pet friendly and the rent amount. Also, this agreement should include when rent is due and what form of payment will be accepted.
A landlord needs to inspect their property on a regular basis. This is to ensure that no one sustains an injury on the property, or else you may be legally responsibly.
It is also very important to know the criminal activity around the rental area. It is sometimes the landlord’s responsibility to provide protection against illegal activity engaged in by tenants. Also, a landlord needs to protect tenants from other potential criminals as well. Make sure to have deadbolts, security lighting and locks on the windows to help prevent potential crimes from happening.
When entering your occupied rental unit, you need to make sure your tenants are aware, and you are there for a specific purpose. These purposes usually include making repairs or inspecting the property.
As a landlord, it is also your responsibility to make sure repairs are done quickly, and the property is properly maintained. The units needs to have heating, plumbing, electricity and gas.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s