What do you look for in a landlord?

Question

what are the do's and don'ts of one?? i am going to be one soon and i want to lay down some rules but not strict ones but yet some firm ones. anybody got any ideas?

Answer 1

One that is willing to pay a property manager 50-100 bucks a month.  A PM that knows all the laws.  That check on the property, that collects the rents.  That approves the credit.  A good landlord is a landlord that never meets or sees the person renting the property.

Sure I would meet them once.  With the property manager, walk by their car and look inside.  The inside of their car will be what the inside of your house looks like.  For the most part.

Good luck, its not as easy as it sounds.

Answer 2

What I look for most in a landlord is a "love" for the property.  I want someone who can be actively involved in making it a better place, and who will be proactive in fixing things.  I want someone who wants me there because they know I'm a good tenant, and will take good care of their "baby".

I'm not interested in renting from someone who is only in it for the money, and therefore does things on the cheap (or ignores problems all together).  I'm not interested in renting from someone who is more than an hour away from the property, because it just adds an unnecessary level of complexity to the relationship.

I think that allowing pets is smart, on the landlord's part, as it encourages families to come, and to stay.  I think that prohibiting smoking inside is smart, on the landlord's part, as it is hard to make that smell go away for future tenants, when the time comes.  

I'll think on this some more, and if I have any better ideas, I'll chime in again later.

Answer 3

Make sure your lease includes everything. Including how many people reside at that address, what to do with the garbage, results if rent is late, noise complaints, visits from police.  Cover it all.   The Garbage. I once had tenants who never had garbage to be collected. When I asked why the garbage cans were always empty, they replied, it is in the house, we thought you came and removed it.  So leave nothing to chance.

Answer 4

First I would buy a book at a local store and read it with post it tabs and highlighters.  This will come in handy for macy different suggestions on being a landlord, including LEGAL which is something you may not be thinking about now, but do not want to have to study the law after tenant hasn't paid a couple months rent and then you have to drag it out another one or two to actually get them out.

I manage 72 apartments, so these are things that I have learned...that everyone should no upfront.

1. Document EVERYTHING!

  

2. Use a lease!  Include rent amount, due dates, late charges, rules, pet policy, security deposit (make sure to require this) pet deposit (if applicable).  You can find plenty of examples of this online, and if one doesn't exactly suit your needs, take parts out that are important to you and your property, and create your own.  I would also suggest to include in the lease, that only the persons named on the lease, are to occupy the unit.  Sometimes people rent, and then next thing you know they have a flop house.  You DON"T want that.  

3.  Do not be lenient with payments!  Give them an exact due date, make them well aware that if not received by a certain date, it will include a late fee.  Make sure to always keep communication open with them if they begin to struggle with payments at all.  

4. Use an inventory checklist.  Even better would be to video tape or take pictures of the home before anyone moves anything in.  Fill out a checklist yourself, noting any imperfections in the property.  Give a copy to the resident to fill out within a few days and sign and date.  This is VERY important if your tenants cause any damage to your property.  You won't have a leg to stand on in court if they say "it was like that when we moved in!"  Have your own proof, that they signed and dated at move in.  

5.  Take care of maintenance issues ASAP as they occur.  Do not let anything wait.  Think about the rental as if you were the renter and how you would want your home taken care of.  Also, this is an investment for you, so keep the place up...with good tenants and you will be prosperous.

Good Luck to you....Definitely look into "Landlord Tenant Laws"  You can google it, and print it out for reference.  A book with hints and suggestions would be helpful as well.  Most important...read up, and be prepared.  You have no idea what might happen in the time that this family occupies your rental, they could lose a job, get a divorce...who knows.  Even if you are the best landlord in the world, people struggle financially and sometimes eviction just happens!

A word of advice....if you keep your communication open with the new residents, if a financial struggle approaches for them, they are more likely to talk to you about it and arrange to move out instead of being evicted.  Evictions aren't cheap, and are time consuming.  If you can avoid taking it to a legal level...that is best for both parties.  

Answer 5

First of all, don't confuse strict with mean - there's nothing wrong with being strict.  You can be a nice person, friendly and smiling...but you want to be strict.  You don't want a tenant who doesn't follow the rules.

The following assumes you're actually renting out a house or apartment  - if you're just renting out a room, these are still good suggestions, but it will be a little more casual.

My first suggestion is to find out what your responsibilities as a landlord are - those vary quite a bit by state (and sometimes by county and city also).  Do a web search for "tenant" on your state's website.  You don't want to do anything illegal.

Next, be sure you protect your property - check with your insurance agent about what coverage you might need.

Third, there should be some standard lease agreement forms used in your area.  Have your tenant fill them out.  Check all the references.

If you've never done this before, I'd strongly suggest hiring an attorney to help you through your first one.