SO YOU WANT TO BE A LANDLORD? BILL WALSTON
Ignoring Tenant Concerns
Using a Generic Rental Agreement
The roof is leaking, the washer is not working, and
Using a generic rental agreement from the local
there are ants in the apartment… easy to
office supply store is really a disaster waiting to
procrastinate but harder to ignore long term.
happen. Why you may ask? Because each state
Addressing
has specific language that must be included within
tenant
concerns
and
potential
problems with your rental properties quickly and
the
effectively, will save you financially and may
disclosures that must be attached to the lease.
prevent any possible law suits. Send a handyman
Additionally, states place limits on how much a
you trust out to the property to take a look, and
landlord may charge for security deposits, how
more often than not, the tenant was merely
many days late the rent must be before a late fee
overreacting… but you still have to check.
can be charged and so on. Have your lease
lease
and
many
states
have
special
prepared or reviewed by your real estate attorney.
Failing to Properly Screen Tenants
When it comes to locating tenants, there can be a
Failing to Serve Notice of Eviction
lot of bad apples out there. Remember to verify
Falling behind on rent is not an option. You should
employment, obtain current and past rental history
treat your rental property as a business. Serve the
and provide a thorough background/credit check.
tenants quickly when their rent is not paid, and it
An undesirable tenant will often have a poor rental
will send a strong message. The eviction can be
and financial history. It is probable that if they have
cancelled when the tenant pays the rent.
not met their obligations with previous landlords,
then chances are that they will repeat their
Follow these tips and you’ll find that your rental
behavior with you.
business runs more smoothly.
Using a generic rental agreement from the local office supply store
is really a disaster waiting to happen.
Bill Walston
Bill Walston is a full time real estate investor and mentor as well as a business and tax strategist
who supports his clients in growing, promoting and building their real estate business. His passion
is teaching creative business and tax strategies so his students make more money while living a
tax deductible life-style.
If you have questions about YOUR asset protection plan you can reach Bill at
[email protected].
For a free download of his audio “Talking Lease Options,” go to http://billonbusiness.net/flipping.
You can read his blog at http://billonbusiness.net.