Things to Consider as a Landlord

tenant screeningIf you have recently acquired a new piece of property, and you have decided to make a few minor repairs and then rent it out, there are a few things that you need to consider. The first thing that you consider is if you plan to use a property management company, or if you are going to try to manage the property yourself. If you were to choose a management company the day to day dealings regarding the property would be the responsibility of the company that you choose. Repairs over a certain amount, which you would specify when you listed the property with the management company would pretty much be the only thing that they would have to call you for outside of some sort of catastrophic event like a hurricane or a tornado.

When to Trust and Who To Trust

If you made the decision to manage your own property, you should understand, that if you want to ensure that your property is going to remain in a livable condition where it will provide you a good income for some years to come, tenant screening is a necessity. It is never a good idea to rent to family and friends, because often times if the rental due date is not met, or something goes wrong with the property, that can cause strife in even the best of relationships. But if you choose to go that route, keep in mind that when it comes to your property, you are their potential landlord, and you so you must act accordingly, family and friends can be no more exempt from a background check than anyone else.

Keep Up Your Part of the Deal

Remember once you become a landlord you also have certain obligations that you have to keep as well. Make sure that you always respond to issues that require repairs immediately, and maintain an open relationship with your renter.

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