Got my duplex yes!... Now what??

[Joey Arata]

I got the duplex I even have a quick response from my craigslist post. Then reality strikes. I'm clueless.

How much of a deposit?

Do I charge a application fee so i can cover cost of screening? How much?

Is there some legal "no no's" outside of common sense that I should be aware ofl, that are easy to make? Any words of wisdom or direction is appreciated

[Nicole A.]

You need to read up and understand your local landlord laws now. Don't wait any longer. Google it and many times you can find it on a state/county website. Go to local landlord/REIA groups and learn there.

Stick to your lease. Do you have a lease? Draw one up now. A strong one...that reflects your local laws. Yes, security deposits are typically equal to one month rent. Stick to application standards such as minimum of 3X the rent earned in *gross* income.

Don't make promises to tenants. Don't be friends with tenants. Don't believe tenants when they say "i'll pay rent in a couple of days." File for eviction the very day it's late. Many times with non-paying renters, filing for eviction/starting eviction process is your only insurance to get your money. Magically they have the money once they see you're serious.

Oh, and only accept cash or money order when an applicant pays first month rent and sec deposit. They don't sign the lease until you count that cash. A personal check could bounce, so never accept those on lease-signing day.

Common sense is great, but you really need to know your local landlord laws. You should have been reading up on that before you even closed on this property. :-)

Get started, Mr. Landlord!!