First time landlord

[Bhaumik Kanani]

Hello,

I need some important advice before I rent out my house in Los Angeles county. I bought house 2021 and rented it for few months but had really bad experience with tenants. They did not pay penny for 6 months and ran away when I filed for eviction. I lost 6 month rent and lawyers fees. Before I rent out house one more time. I need some important advice.

1) Full proof solid lease terms which gives me a best shield from bad tenants.

2) Looking for some cost effective management company too which is providing value addition services. 

3) Insurance information in case of eviction which gives me cover from paying lawyers out of pocket.

4)  Is it really worth to be landlord in Los Angeles county?

5) Are all laws in favor of tenants only? I came to know that being landlord is like worst business. Is it true? Is there any leverage for landlord?

6) How can I make landlord business profitable? 

Any advice is appreciated. I do not want to put my self in same situation again. Just came out of dark time with bad tenants situation.

[Nathan Gesner]

Chris nailed it. The cheapest property manager isn't the one that puts the most money in your pocket. You are operating in a difficult state and need a real professional working for you. Pay now, or pay later.

The lease terms are important, but screening is far more important. If you have a bad tenant, they won't care what terms are in the lease.

Laws are not always in favor of the Tenant, but some states make it feel that way. California is the worst of all the states, by far. NOLO has a great book, "Every Landlord's Legal Guide" that gives practical advice, sample forms, and points you straight to state law. Get this: they have one book to cover 49 states and a separate book to cover California. That speaks volumes.