Attn: Landlords, Should I become one of you? - Posted by Sean

Posted by Arthur on July 12, 2003 at 18:57:15:

Perhaps you should consider using a managing agent to take care of the running of the property.

Attn: Landlords, Should I become one of you? - Posted by Sean

Posted by Sean on July 12, 2003 at 14:30:33:

I have a house that has a lot of equity in it and I know that the area is going to increase in value over the next couple of years. I want to refi and rent it out. I have bought and sold a couple of houses, but have always worried about renting my houses. I want to store wealth for my future by holding long term, but am wary about being a landlord. Can someone give me some pointers on renting? What is the best way to get them out fast if they stop paying? Thank you for your responses.

Sean

Re: Attn: Landlords, Should I become one of you? - Posted by GL - ON

Posted by GL - ON on July 12, 2003 at 21:05:04:

The best advice I can give you is to be very strict about who you rent to.

If it is a nice house in top shape then you should attract quality renters. Have them fill out a good application. Get credit reports. Pick someone good and reliable - you won’t change them after they are in your house. Once you pick a tenant, visit them in their present home. Have a look around. They will keep your house the same way they keep their present home. You won’t change them and they won’t change.

If you like what you see say “congratulations you got the house, here is your lease” if they are slobs or you find out they lied about pets, or something, say “I came to tell you you didn’t get the house, here is your deposit check”. You have the deposit check in one pocket and the leases in the other.

Remember, renting your house is a business and should be done in a businesslike way. Keep on top of things and you shouldn’t have much trouble.

The main thing I tell all new landlords is this: We’ve all trusted tenants and we’ve all paid.

Re: Attn: Landlords, Should I become one of you? - Posted by Rob FL

Posted by Rob FL on July 12, 2003 at 19:50:51:

You may want to look in Jeffrey Taylor’s materials. www.mrlandlord.com

Re: Attn: Landlords, Should I become one of you? - Posted by RichV(FL)

Posted by RichV(FL) on July 12, 2003 at 19:40:16:

Sean,

Look up your state landlord/tenant act. It will answer all of the questions you have about landlord rights, tenant rights, evictons, how to hold a security deposit, etc.

Also may I recommend the best landlording book ever written… “Landlording”-- Leigh Robinson.

It should be every landlords bible.

Great Success,

RichV(FL)