Being a landlord doesn’t have to be all that stressful. The key is finding a good tenant. It also helps to maintain the property so you’re not looking at constant repairs or complaints. There are some steps you can take to ensure your time is a landlord isn’t stressful. Here’s what you can do:
Establish a Late Policy
You should have a late fee policy written into your lease agreement. This can be a charge for overdue rent but you need to specify what you defined as overdue. Does the tenant have 24 hours from the first to pay the rent? Is it due on the first or the fifth? And how will that late fee be charged? The thing about a late fee is that it needs to be enforced. The minute you “let it go” is when you lose respect from your renter. They know your pushover. Don’t let that happen.
Don’t Rent To Family Or Friends
Much like lending money to family or friends can spell trouble the same can be said for renting an apartment to them. You don’t ever want to fall into the trap of letting things slide because “they are family.” That’s true for upkeep and for rent. You may have the most loyal and trustworthy family and friends around but don’t put that to the test.
Have an Enforceable Lease
Everything about your rental property should be spelled out in the lease that will be signed by your future tenant. This needs to be an enforceable lease. In other words, you can put things in there that go against city ordinances. That’s why you want to make sure your lease is checked by an experienced attorney before you put it to use.
Get the Right Insurance Policy
Setting up an insurance policy for your rental property is no time to cut corners. You want to get the maximum amount of rental insurance, property liability insurance and any other type of insurance that’s required by Dallas or the state of Texas. You could build in the fees for your insurance as part of your rent payments. That works best when you have multiple tenants.
Hire Professionals For Extra Help
A great stress reducer as a landlord is to bring in professional help. You can hire all your maintenance workers. That includes bring in Junk King Dallas Mid Cities for all your junk removal needs. When a tenant moves out there might be a lot of rubbish left behind. The two-man crew from Junk King will quickly load up all that stuff regardless of size or weight. One call to Junk King Dallas Mid Cities can make sure your rental property is clear and ready to get back on the market.