The Necessary Expenses Of Being A Landlord
You are a landlord. You've already paid up to buy the property that you now are trying to profit from. This might have run you a pretty penny and it's unlikely that you'll want to have to spend more anytime soon. However, while you may have heard people speak of having to spend money to make money, being a landlord is a career in which that adage holds true. There are some aspects of your property and the management thereof that, if you spend some money now, will help you to bring in the big bucks later on.
Believe it or not, landscaping matters. Everyone loves having a beautiful lawn, but no one wants to actually mow it, do they? Get a few gardeners and some sprinklers and let them go to work to make your property beautiful and verdant. It'll do a lot for making renting from you more appealing. If people wanted to do their own annoying mowing, they'd be buying their own houses, now wouldn't they? Take advantage of their laziness to make your property look like a better deal.
By contrast this may come off as really obvious, but you simply cannot get by in today's market as a landlord without ads. If no one knows you've got property for rent, no one's going to be knocking on your door asking for the privilege of paying you. A simple sign on the lawn noting that you're renting will help if you live in a busy area, but if you're a little off the beaten path you'll want something more assertive. If you're in the latter situation, the internet comes highly recommended. While newspapers are slowly dying and have expensive asking prices for ads, the internet is only becoming more popular and ads on it are often very cheap and affordable.
When those prospective tenants finally find you, they're going to want to deal with a company; something that looks professional and trustworthy rather than just a single person who may or may not be competent! A small investment can net you an 800 number and a P.O. box, giving yourself both a separate place for tenants to contact you and professional looking contact info. This carries the added benefit of privacy, preventing your tenants from knowing where you live, or getting their calls on your cell phone at all hours! You must be sure to keep boundaries set. Your tenants can tend to feel entitled, and if they do develop such attitudes, let it all go to your alternate contacts. In this manner you can keep your life separate and not be enslaved.
Once you find someone suitable to lease from your property, you'll want to have a good, solid lease that's fully compliant with any state laws. Don't just pick up a generic one from some office supply place, really take the time (and necessary money) to obtain a reliable leasing agreement. Make SURE that you know the state laws, and be certain that whoever you turn to to get your agreement made does too. Time and money spent now can save potentially thousands later on.
Don't be too sympathetic or slow with tenants who try to get away with making their payments off schedule. The very first time he's late, hit him with a certified 3-Day Notice. He'll sit up and pay attention and start giving you the money he owes on time.
In the worst case situation, if you have to evict a person from your property, by keeping to the above you'll have the process ticking in accurate order like clockwork. Remember, the sooner you get a non-profitable tenant out, the sooner you can get a profitable one in to replace him. There's no need to be rude about it, but you should be firm and unyielding, if respectful and professional. Invest in all these things, and you'll come out ahead in the game. - 23222
Believe it or not, landscaping matters. Everyone loves having a beautiful lawn, but no one wants to actually mow it, do they? Get a few gardeners and some sprinklers and let them go to work to make your property beautiful and verdant. It'll do a lot for making renting from you more appealing. If people wanted to do their own annoying mowing, they'd be buying their own houses, now wouldn't they? Take advantage of their laziness to make your property look like a better deal.
By contrast this may come off as really obvious, but you simply cannot get by in today's market as a landlord without ads. If no one knows you've got property for rent, no one's going to be knocking on your door asking for the privilege of paying you. A simple sign on the lawn noting that you're renting will help if you live in a busy area, but if you're a little off the beaten path you'll want something more assertive. If you're in the latter situation, the internet comes highly recommended. While newspapers are slowly dying and have expensive asking prices for ads, the internet is only becoming more popular and ads on it are often very cheap and affordable.
When those prospective tenants finally find you, they're going to want to deal with a company; something that looks professional and trustworthy rather than just a single person who may or may not be competent! A small investment can net you an 800 number and a P.O. box, giving yourself both a separate place for tenants to contact you and professional looking contact info. This carries the added benefit of privacy, preventing your tenants from knowing where you live, or getting their calls on your cell phone at all hours! You must be sure to keep boundaries set. Your tenants can tend to feel entitled, and if they do develop such attitudes, let it all go to your alternate contacts. In this manner you can keep your life separate and not be enslaved.
Once you find someone suitable to lease from your property, you'll want to have a good, solid lease that's fully compliant with any state laws. Don't just pick up a generic one from some office supply place, really take the time (and necessary money) to obtain a reliable leasing agreement. Make SURE that you know the state laws, and be certain that whoever you turn to to get your agreement made does too. Time and money spent now can save potentially thousands later on.
Don't be too sympathetic or slow with tenants who try to get away with making their payments off schedule. The very first time he's late, hit him with a certified 3-Day Notice. He'll sit up and pay attention and start giving you the money he owes on time.
In the worst case situation, if you have to evict a person from your property, by keeping to the above you'll have the process ticking in accurate order like clockwork. Remember, the sooner you get a non-profitable tenant out, the sooner you can get a profitable one in to replace him. There's no need to be rude about it, but you should be firm and unyielding, if respectful and professional. Invest in all these things, and you'll come out ahead in the game. - 23222
About the Author:
Layla Vanderbilt is the webmaster for a leading property management software review website which connects people with the leading property management tools.
posted by X - Men @ 2:28 AM
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