If you own a piece of property that you would like to rent out it, is increasingly important that you know your rights as a landlord. Today, many landlords can get stuck with thousands of dollars of unpaid rent and lawyer’s fees, because they do not know how to write an ironclad contract or do not know their rights as a landlord. I know that I have developed my lease over the years from one I printed off the internet to now a 13 page document written and rewritten by an attorney. It has evolved as lessons were learned and issues came up. Being a good landlord is a learning process so here are some tips on getting the information that you need.
Being a landlord can be an extremely profitable business. There is a lot of money to be made by renting property. However, this enterprise can quickly sour if your renters are unable to pay the rent each month or worse destroy your property. If you are either a landlord or are considering purchasing a property, it is important that you read up on how to be a landlord, and understand your rights as well as those of your tenants.
You should definitely consider using legal tools such as background checks, credit checks and criminal checks. These tools are just one way to protect yourself against renters that can possibly ruin your investment. Also, be sure you have a contract that covers many issues, like smoking, pets, what happens if they break the lease. You also have certain state mandated disclosures that must be given to tenants before renting out your property. If you are currently a landlord or thinking of purchasing properties, be sure to take the time to educate yourself to protect your investment. Having a property manager like House 2 Rent can be helpful because we have already invested in the tools for extensive background and credit screening as well as spent hours training on Fair Housing and tenant disclosures. Dealing with rental property everyday can be stressful, having a pro on your side is well worth the small management fee.