Being A Landlord
1. Find the right tenants. New landlords must select solvent,
solidly employed renters capable of sending their checks in on
time and must not exclude anyone protected by federal Fair
Housing laws -- racial minorities, the disabled, single mothers
with children, etc.
2. Set the right rent. You can easily check ads and visit
comparable apartments to figure out the market rent for your
unit. The tricky part is collecting enough money upfront to
cover any damage the tenants cause while they're there. If you
charge a security deposit equal to one month's rent, you can
usually assume the tenants will use it to cover their last rent
check, and you'll have nothing left to replace the carpet,
repair the walls they've filled with nail holes etc. Instead,
insist on a security deposit equal to two months' rent.
3. Know how to fix toilets. Or find somebody who does. hire a
handyman on an hourly basis to make minor repairs and compile a
list of phone numbers of professionals -- plumbers, heating and
air-conditioning repairmen, etc. -- that you can keep handy in
case of real emergencies.
4. Find experienced landlords who will share their mistakes --
and their successes.
5. Know the law. "Every Landlord's Legal Guide" by Marcia
Stewart, Janet Portman and Ralph Warner has state-by-state
summaries of landlord-tenant laws, plus a CD-ROM full of all the
forms and documents you'll ever need. Rules on evictions, for
instance, vary from state to state and sometimes city to city.
Free downloads, forms, tenant laws, credit reports and great
information is located at thelpa.com
You can also visit landlord.com
I hope this has been helpful. If you are currently a landlord or
are thinking of becoming one, please post comments or questions!
Hopefully someone will benefit from your story or experience.
http://www.youshouldown.com