Taking the steps to becoming a landlord can be an invigorating experience. Renting properties is an excellent way to add an additional income to your life and if done successfully can turn into endless investment opportunities. If you want to work your way to the top, we’ve got some great tips for you.
When it comes to being a landlord, there are many things that can put you off. You hear stories about nightmare tenants who stop paying rent, and ruin properties. You also know that you could land yourself in financial difficulty because of this.
Finding the perfect tenant can be a challenge for property managers and landlords and indeed, not all tenants are ideal, which can put discerning landlords at a risk of violation of the federal Fair Housing Act.
Every do-it-yourself landlord should have a toolbox of landlord forms available to them for communication with their renters. On the flip side, renters should also have forms available to communicate complaints, maintenance requests, and notices to vacate.
Every state's eviction laws differ, and some municipalities within states may have local laws that add to or differ from the state law. As a basic rule, always make sure you, the landlord, have a legal reason to evict. The timeline and process may depend on the reason for evicting. VerticalRent has compiled this basic process for every state based on our research in alphabetical order, so just scroll down to your state for a summary of eviction procedures.
Being a landlord is certainly a great way to make more money in the real estate business, because as a landowner who can also generate income through rental and lease agreements, you can often increase your earning power significantly.