Issue #55 - Brandon Cobb, The House Buyin Guys | Page 73

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If a tenant does get their rent to us late , they are responsible for additional rental fees of one percent per day . These fees are in our lease as additional rental fees as opposed to late fees since some courts won ’ t allow you to get a judgment for late fees . Within the body of our lease we also require our tenants to have renters insurance and I want to see proof of the policy before they move in . This way I can ’ t be held liable for any injuries or the loss of their possessions due to an accident , fire , hurricane or any other natural disaster .
Additionally , once my tenants sign a lease with me , I will not give them keys until I see proof of utilities in their name for the unit . In certain counties like ours , the landlord can ’ t turn off utilities in their own name . The only way the name changes on the utilities is with a new lease and then utilities get put in the tenant ’ s name . This rule may be different where you live , but a lot of the time if the tenant doesn ’ t pay their utilities it falls back to the landlord . This is just one way for you to protect yourself .
These are just a few of the basic techniques that will make you a happy and successful landlord . Monthly cash flow is a wonderful thing if your properties are managed correctly .
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