3 tips for being a successful Landlord

[Landon Murie]

1. Quality products (homes) = Quality renters

A clean well updated home or apartment is going to attract clean reliable renters. It is very important to have a qualified renter that meets your rental property criteria, and having a home that attracts qualified renters is a great start. Now, this doesn't necessarily mean remodeling.

By having new (or professionally cleaned) carpets and flooring, fresh paint, good lighting (natural or electric), and fairly updated home appliances will go a long way. This will focus on blog will help you to understand how to gain clean reliable renters.

2. Having a bulletproof lease

Midway through a lease with a renter, you cannot accuse them of breaking rules that are not clearly stated and defined in the lease agreement. It is extremely important to know the local and state laws for both tenant and landlord rights and cover any responsibility and liabilities in your lease. Leave no stone unturned to save your self from renters remorse down the road. Consulting with a Local Attorney specializing in Real Estate to draft a strong lease that will protect you as the property owner.

3. Always charge a late fee

No one wants to be the bad guy, although strictly enforcing rent payments shows that you are serious about not deviating from the rental agreement. Having a late fee is also an extra incentive for the renter to pay on time. It is important to have these late payments and time frames laid out very clearly in the lease agreement to ensure full understanding and compliance before signing the rental agreement.

Any other crucial tips for being a successful Landlord? Love to hear your thoughts.

[Andrew Syrios]

The biggest point I would add is to screen, screen and screen some more! You want to be very selective about who you let in your properties.