Lessons learned as a landlord

[Jhansi B.]

Just settled a could have been litigation and I thought this will be a good thread to start about the lessons learned as a landlord. The lessons I have learned from this are:

1. Never rent to a person who filed for bankruptcy, they are looking for way out.
2. Any water leak what so ever if there is sheet rock that got wet, either replace it or make sure there is no damage to it.
3. Never let tenants get away with late payments. If the tenant makes it a habit to pay late, it is wise to let the tenant go.
4. Have an attorney on your side like you have a personal doctor. but make sure the attorney has your best interest not his/her best interest and looking at the most billable hours.
5. Review the lease with an attorney and make sure you add clauses that benefit you (mostly attorney cost in case of litigation)

Any others lessons from your vast experiences with tenants.

Thanks