Updated almost 6 years ago on . Most recent reply
Renter paying new lease
Hello. I'm about to rent my house to a tenant, and I'm wondering if there's anything specific I should do to help ensure the tenant pays in full on time. We've run credit checks and things look ok, but any recommendations on other contractual things to help protect myself?
Most Popular Reply
It sounds like what you need to do is seek a professional's help (a property manager). There are companies that will find you a tenant, screen them and help you write the lease. As you are coming to realize, there is more to being a Landlord than just finding a tenant, and writing a lease. You need to consider Hold Over Rent, how maintenance will be handled, late fees, etc. Currently in Texas rent is late on the 5th and the maximum amount in late fees that can be charged is 12%. Do you have a standard criteria for a tenant to protect you in case someone tries to sue you for discrimination? Is your home up to property code? What kind of inspections are you doing? My advise would be if you absolutely want to manage it on your own (wouldn't suggest that at all) would be to find a property manager to help you write the lease. Owning a rental property is a business, and you should treat it as such.