How to be a Good Landlord
How to be a Good Landlord
A few weeks ago I posted about being a good prospective renter. Just as landlords are looking for good renters, Landlords have a few much haves and should do’s. One of the basic rules I was told early on, 1) keep your property is good condition, this will attract good renters. Remember that curb appeal on selling a home? The same applies to attracting good tenants. 2)Your rental property is a business, treat it like a business. The IRS gives Investment Property owners certain tax deductions because owning rental property is a business. This should not be your hobby 3) Businesses have certain repairs and maintenance that are on-going. Keep your property repaired and properly maintained. Know what is your responsibility and what is the tenants and explain the difference when they move in. One of the basics I cover with my tenants when moving is: the the light sockets have LED lights in them, I expect them all to be present when they vacate or the amount will be deducted from the deposit. 4) All businesses are regulated by the Government, rental businesses included. Know the laws, the illegal questions you CANNOT ask, know the building codes where applicable, have necessary forms for tenants to sign. There are many great investment properties available, contact Billings & Beyond Real Estate Services. (photo courtesy of DanDeaner)
