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Becoming a landlord

March 22nd, 2009 3:02 PM by Sam Kader

It's an excellent time to be a landlord. The subprime bust, marriage-delaying millenials and week income growth have added millions to the ranks of renters.  Here are some suggestions for successful landlord:

  • Consult with me to determine your current purchasing power.
  • Planning to convert your current home to a rental property? It is easier than it used to.
  • Create your list of questions to weed out problem tenants.
  • Know local rent laws concerning security deposits, eviction process etc.
  • Check out rentometer for going rate of rent and to avoid shortfall of mortgage payment. 
  • Hire professional management company if you choose not to be involved.
  • Verify references.
  • Run background check and credit report.
  • Consult with an attorney or visit the landlord protector before finalizing lease agreement.
  • Collect security deposit equal to one month's rent.
  • Perform a walk-through and note any imperfections before tenant moves in.
  • Check on the property at least once a month and look for signs of trouble such as garbage in the yard, extra cars in the driveway or excessive wear and tear.
  • Make arrangement to walk through the property three months into the lease to see how well the tenant is performing.
  • Advertise for rent within a few weeks of closing.
  • Choose a renter wisely. You are better off having a pleasant reliable tenant paying less than a difficult tenant paying market value.

Consult me if I can help you to become a landlord!

Posted by Sam Kader on March 22nd, 2009 3:02 PM

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