How to Become a Fair, Reasonable, and Profitable Landlord in 6 Simple Steps

How to Become a Fair,Reasonable, and ProfitableLandlord in 6 Simple Steps

B Y : W D A R R O W F I E D L E R

An Overview of the Presentation

Live Near Your Properties

Review Each PotentialTenant

Make Tenants Pay Rent Make Specific Leases

Know the Law Research, Purchase, andPrepare a Property for

Lease

01

04 05 06

02 03

One

Live Near Your Properties

Make sure you live near the

properties you are interested in. If

you purchase and manage properties

that are far away from you, you will

have a more difficult time keeping

up with maintenance and making

sure the staff is doing things

correctly. Make sure to check the

property regularly for any needs it

may have.

Two

Know the Law

According to Laura Agadoni from Trulia.com, “Most states havespecific landlord-tenant provisions that cover issues such as security

deposits, level of access to the property, and how much notice youneed to give your tenants when you want them to leave. There also

are federal laws you need to know, such as habitability and anti-discrimination laws.”

Three

Research, Purchase, and Prepare a Property for Lease

Make sure to find a property that has

inherent value, whether that value is

in its ability to be renovated and used

or move-in ready. Find out ways to

research properties in my blog on real

estate investment here.

Four

Review Each Potential Tenant

Make sure to run a backgroundcheck on each tenant, as well ascheck their credit score. Get two

character references and twoprevious rental references from

each tenant. Interview thepotential tenants, as well. You

will have a better idea of if theywill be caring tenants who treatyour property with respect and

pay rent on time.

Five

Make Tenants Pay Rent

Some tenants may be "flexible" with when they pay rent, sliding back afew weeks. It is important to A) keep a professional relationship withtenants and B) enforce tenants to pay rent on time. One can enforce

timely payment by making tenants pay late fees.

Six

Make Specific Leases

If you are going to have leases for

each rental property, it is important

to hire a lawyer who can create the

language for your leases. This will

keep you safe financially and legally

in the event that a tenant takes

legal action against you or you need

to take legal action against him/her.

Thank you foryour time!

S E E T H E O R I G I N A L B L O G P O S T A T W D A R R O W F I E D L E R . N E T !