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Article Directory :: Finance & Investment Articles
Use these simple tips to help run your rental business more successful and build positive relationships with your tenants.
1. Create a Profile and Screening Checklist of the tenants that you would like to occupy the unit. Use this checklist to help you select your tenants.
For example a profile may look like this:
Employment - 2 years in the same industry
Income- Must be 3.5 times the rent
Check applicants expenses to see if they can afford it
Occupancy limits - No more than 2 per bedroom
No criminal history
Never been evicted
Stable Housing Experience - Lived at last address a minimum of 2 years
Be very careful to create a profile that DOES NOT violate FEDERAL, STATE or LOCAL discriminatory laws.
2. Don't rent to anyone before having them fill out an application. Have all individual adults fill out an application. Use FORMS that provide you with all the information you need to do a thorough check on the prospective tenants.
3. Get everything in writing. I mean everything. It is important to document the facts with your tenants, including complaints and repairs and how you handle them. Use a Resident's Maintenance/Repair request form .This form should include the date of request for maintenance or repair and how the request was handled.
4. Create a system for collecting rents. Let tenants know up front what will happen if rent is not paid. Be fair but firm with tenants. Inform tenants that if rent is not paid by the 5th (or whatever date you choose) the eviction process starts AUTOMATICALLY. They can still stop the process by paying the rent and the expenses of the AUTOMATIC eviction process. Make it clear that the process is automatic. Give tenants an option to have the rents paid through an Autodraft System. This is a easy system that you set up at a bank that automatically takes the rent out of the tenants checking account.
5. Master key all of your locks. Each tenant will have there own key that will only work with their locksets. Your Master Key will open up all locks. With a Master Key System you can easily change the locks when a new tenant moves in at a fraction of the cost of replacing with ordinary locks.
6. Run your properties like a business. Have a business plan. Always analyze your properties before buying. Have a marketing system for finding new tenants. Have a rent collection system. Have a maintenance repair system. Have a turnover system. Have a paperwork system. Use a specific systems for every process. Treat the deeds of bad tenants as a business expense.
7. Always try to settle disputes without going to court. Ask, listen and find out what the tenants want. Try to help solve the problem. Remember that the tenants are paying off your loans and helping you create wealth and without them you have ZERO cash flow.
8. Stay on top of repairs and maintenance and make repairs quickly. If the property is not in good repair, you'll upset your tenants. They then have rights to refuse to pay rent, sue you or possibly move out.
9. Know the laws that apply to you and your tenants. Most states have very specific Landlord-Tenant Laws.
10. Don't promise anything that you can't deliver. Remember you are better off to under promise and over perform.
Dave Schneider has been investing in real estate for over 25 years and is devoting to helping landlords make more money!. For free audio seminars, tools and information on real estate investing and being a landlord, visit this site now: http://landlordtools.com
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