Tips for the New Landlord

Investing in real estate is a fast path to wealth. As a new landlord, we will have questions about everything, or at least you should so that you don’t make costly mistakes. Be sure to check you state and local laws to be sure to know and follow them, here are some additional points to consider.

Tip 1 – Screen Tenants

Never, never, never skip this step. Its most important to know all you can about a tenant before signing a lease with them. Try to determine their prior rental history, do they have any evictions? a stable job history? Do they have a history of paying bills? As a landlord you can decide whether to give a second change to a tenant with an eviction or perhaps you can decide to have a tighter policy and not accept anyone with an eviction but knowing what you are getting into is crucial. It is also important that you follow the law so decide on a screening process and consistently apply the same rules with everyone prospective tenant.

Tip 2 – Know the Law

Federal and state laws prohibit housing discrimination. The laws are updated from time to time. Stay on top of these regulations to avoid costly (time and money) lawsuits. Are you sure if you can deny a single parent with five kids because you don’t want to rent to someone with several children? Do you know the proper way to evict a bad tenant? Working with a Property Management company like Pink Paisley Property Management is a good way to avoid making a mistake.

Working with a Property Management Company like Pink Paisley Property Management is a good way to avoid making a mistake

Make Policies and Apply Them

Its easy to learn as to go and of course, its not practical to think you will know everything when you are starting out. It is important however, that you a few things before you begin leasing. Will you accept personal checks as rent payment or invest in an online tool? How are you going to handle maintenance? A lockout? Not only will you need to decide on matters like these, your tenants will need to know so they can comply with them.

Don’t Make Friends with Tenants

Be professional and friendly with your tenants, but there is a difference between being friendly and friends. Our friends will at times ask for or expect favors of you

By Claudia

December 25, 2023
Landlord Tips,Landlords
Investing in real estate is a fast path to wealth. As a new landlord, we will have questions about everything, or at least you should so that you don’t make costly mistakes. Be sure to check you…
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