So you want to be a landlord of rental property with all of the lordship
rights of entitlement to run your own business, please be aware that you’ll
graduate to kingly responsibilities when you decide to do so. It’s
true it can be an exciting and very profitable business to get into, but
you’ve got to know what you’re doing when not only collecting
rents, but with the different facets of renting. Knowing how to be a landlord
is being prepared, and it’s the key to being finically profitable,
and content with your business. Take a look at a few tips about the first
steps you’ll need to understand about becoming a landlord.
Dealing with others begins your journey on how to be a landlord. Always
be professional in attitude and action with anyone you must conduct business
with. This includes a myriad of people that you’ll have contact
with when engaging in a business relationship with such as renters, federal
or state agencies, or even your repair man for your property building
or house. Be flexible when you can be, but always remember that you’re
in business in your community with a reputation to keep. Unethical deals
or sloppy paper work will cost you more than a reputation, but possibly
litigation and untold heartache. Learning how to be a landlord doesn’t
have to be difficult, but it takes preparation and good counsel. Always
use a competent attorney that deals with property and tenant law when
you have any questions.
Your next step in learning how to be a landlord is to realize that if
you didn’t like paper work before, you’ll either need to change
your outlook, get out of the business, or grin and bear the task. When
doing your job you’ll need to be a well organized machine with paper
work. It begins with investigating rental law and drawing up your property
rental agreement, and moves to the varied aspects of renting like advertisement
for renters, and pre – screening your tenants. What are the basics
of paper work for the landlord? Begin with a file folder of all communications
between the renter and you. This would include any signed and initialed
agreements of the basic contract to amendments of it. Electronic and hard
copies are necessary, and make sure copies not only to the tenant, but
yours as well are clean and not marked on. Actual litigation has been
lost by landlords when marks such as other dollar amounts have been carelessly
scribbled on a contract, and illegible hand writing was presented in court.
Faxed information must contain the transmission slip, and all emails must
state clearly the date, time and email address. For extra precaution make
detailed notes of all verbal agreements and communications with a renter.
As you can see the process of how to be a landlord is a detailed one.
The importance of using a written agreement can’t be understated.
However, you’ve got to realize that whatever format of rental agreement
you’ll use, make sure that it’s written thoroughly. Every
state has different laws concerning rental issues between property owner
and renter. Federal regulations, such as the lead paint law must be followed
to the tee. State laws will also clarify all responsibilities of the landlord
to the tenant in most all common or unique circumstances, such as in the
lead paint issue, or even the time frame for acceptable conditions of
security deposits. Finally, remember these general tips on starting the
process of how to be a landlord is just the beginning. If you take the
time to start out right, you’ll be sure to find a profitable business
for your future.