If you’ve been thinking about becoming a landlord investor, here are a few tips that will keep you out of trouble.
Have a written agreement. You should always have a written lease agreement, in fact, if the tenancy is longer than one year it’s required by law. Make certain you use a good lease, which complies with appropriate statutes.
Never let a tenant move in without paying a deposit, if required. It sounds simple, but if a tenant can’t pay you a deposit and is asking to pay it overtime, that’s a clue that they’re probably not going to be a good credit risk.
Enforce your lease agreement. If you want a good tenant, be a consistent landlord. Enforce your lease agreement. If the lease agreement calls for late fees, always collect late fees.
Take care of minor repairs before they become expensive emergencies. You should timely make repairs and of course comply with statutory lock and smoke detector laws.