Tips For Becoming A Landlord

Whether you are investing in a rental property or looking for a roommate to help defer costs in your apartment, you are essentially going to become a landlord. Obviously, you have more at stake renting out an entire home than a spare room. But there are some guiding principles that you should use in both scenarios that will make the experience stress-free. Here’s what to keep in mind:

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Find a Good Tenant

It goes without saying that finding a good tenant or roommate is your number one priority. This is where you have to take a very businesslike approach. You have every right to screen your potential tenant or roommate thoroughly. That means finding out about their employment. They should be making around three times the monthly rent in a stable income. They shouldn’t be living from check to check and putting you in a bind. Running a background check is also a good idea to find out if they have been evicted or arrested. Again, this is well within your rights. They should also be able to provide you with references from previous landlord.

Establish the Boundaries

Just because someone is paying rent doesn’t mean they have free reign. You need to establish the boundaries in their tenant agreement. This includes everything from whether or not they’re allowed to have pets to hanging pictures on the wall. All of this comes to your preference. You don’t have to allow smokers in your property. But you need to be clear about that from the start. Another good way to establish boundaries is to enforce late fees. If you want to give your tenet a grace period, then you are well within your rights. However, many tenants might end up abusing that grace period. A late fee will stop that from happening.

Respond Promptly To Maintenance Requests

As a landlord, you’re in charge of fixing things. That doesn’t mean you have to do these repairs yourself but you need to respond in a prompt manner. You might luck out and find a tenant who happens to be handy with tools. If they’re willing to make repairs in exchange for expenses deducted from the rent, then by all means put them to work.

Before you get your property ready for a tenant or roommate, you may need to get rid of rubbish. This is another job that you don’t have to do on your own. Instead, turn it over to Junk King Contra Costa. These are the junk removal pros that can clear way any amount of old furniture, appliances or other rubbish in no time at all. Having Junk King on the job means your property will be ready for renting a lot quicker.

With the right amount of preparation, your experience as a landlord doesn’t have to be complicated.