The right way(finished)
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The document outlines four things landlords should do to avoid legal battles with problem tenants: 1) ensure the lease agreement clearly defines potential issues; 2) talk to the tenant if an issue is reported to open communication; 3) put any issues in writing with a formal letter to the tenant; and 4) as a last resort, file an action with the local housing authority if other efforts fail.
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But while renting out a property has its perks, there are also many legal and logistical hurdles. "You can put your
stock certificate in your drawer and there's pretty much nothing you can do to make it grow or increase the rate at
which it grows," says Janet Portman, an attorney and co-author of the book "Every Landlord's Legal Guide." "But if
you buy real estate, whether it's going to end up being a good decision is substantially up to you. There's a lot of
work involved in being a landlord, and if you don't do it right, you can end up losing money."
Here's a quick run-down of what every landlord needs to know.
1. Run Your Property Like a Business
You may already have a nine-to-five job. But if you're planning on becoming a landlord, expect your hours to jump to
24-7. Here are the steps that all new landlords should take.
Know the Rules
Getting your business off the ground will involve some paperwork. Some states require that you get a business
license for your property in order to rent it out, says Melissa Prandi, author of "The Unofficial Guide to Managing
Rental Property" and owner of Prandi Property Management. She recommends that first-time landlords consult with
a real estate attorney and a certified public accountant (CPA) before getting started. A CPA can help you figure out
how much rent you should charge in order to make your business profitable, while an attorney can be priceless as
you learn the intricacies of the fair housing laws. (More on these later.)
Second, says Prandi, take care of the "technicalities" of running your business: Open a bank account for the
property and run all bills and rental income through that account. This will simplify your paperwork come tax time.
Small extras like business cards will let your tenants know that you're an accessible and reliable landlord.
Find Reliable Tenants
Finding tenants should be the most time-consuming part of your business. "Where landlords get into trouble,
especially new ones, is that they rent to friends, relatives or people who they feel would be good tenants," says Bill
Moore, founder of Landlord.com3, a professional organization for landlords and real estate managers.
Instead, think of finding a tenant as hiring them into the family business: Check their references (speak with their
previous landlords), pull their credit report and consider running a background check. The National Tenant Network4
and Registry SafeRent5 sell credit reports from the three major credit b ...
The 10 most common critical mistakes when leasing your property
While own¬ing a rental can be a good way to make some extra money, there are con¬cerns that should be taken very ser¬i¬ously.
You need to take a good look at the pros and cons before mak¬ing a hasty decision.
At the very least, learn the basics before mak¬ing your move.
Al law questions
This document contains a series of questions related to real estate law, licensing, and practices in Alabama. It covers topics like broker commissions, disclosures required of licensees, licensing requirements, and definitions of key real estate terms.
The top qualities all good tenants have - Frank Jermusek
This document discusses the top qualities of good tenants according to Frank Jermusek. It identifies three key qualities: responsibility, respect, and ability to pay rent. A responsible tenant pays rent and other bills on time, maintains the property, and alerts the landlord to issues. A respectful tenant treats the landlord with respect, and will not try to take advantage. A good tenant can afford the rent without it exceeding 30% of their income and has a verifiable ability to pay ongoing rent. Selecting tenants with these qualities can reduce risks for landlords.
Re max results buyers guide
RE/MAX Results complete buyers guide. Whether you are a first time home buyer or a seasoned veteran in home purchasing...this guide will give you a complete through understanding of the home buying process. If you are in the Greater Kansas City area and are remotely interested in Real Estate...this is a must have!
Risk Reduction Steps for Landlords
The document outlines eight risk reduction steps for landlords to avoid legal actions: 1) perform necessary repairs to provide tenants a safe environment; 2) follow all fair housing laws in renting; 3) settle issues without retaliation; 4) follow laws regarding entering a tenant's property; 5) pay attention to lead-based paint laws; 6) take immediate action regarding mold issues; 7) investigate any illegal activities; and 8) register rental properties with the appropriate authorities. The best course of action is to avoid actions that incur liability.
Luxury Apartment n Montgomery, AL
Central Park Apartment is an Apartment having one, two and three bedroom luxury apartments which are for rent in Montgomery, AL with pets approved.
Legitimate debt relief advice
After suffering from a poor credit report for years, Mark Clayborne went on a mission to study everything he could on restoring his credit. Concluding the extensive research, he repaired his credit report and learned various hidden secrets on how to improve a bad credit file. Because of this new found tested knowledge, Mr. Clayborne helped over a hundred consumers repair their credit and take their financial life back. Now, he wants to share these strategies with the world and as a result HIDDEN CREDIT REPAIR SECRETS was created which has sold over 1000 copies as of today. Mark is a certified credit consultant with over 100 articles written in the area of credit repair and a successful radio show titled “Who Else Wants Better Credit”, which is aired on Blog Talk Radio every Tuesday & Thursday at 7:30PM-PST. Mark educates his customers through articles, videos, his blog and various credit repair kits. He graduated from Virginia Commonwealth University with a Bachelor's Degree in Criminal Justice. He also holds a paralegal diploma. He currently lives in sunny California with a beautiful wife and lovely daughter.
5 Clues to See if You Are Cut Out to be a Landlord?
This document discusses 5 clues that indicate if someone is cut out to be a landlord:
1. Legal issues with tenants can cause headaches, so it's important to understand fair housing and rental laws. Hiring professional property management can avoid legal troubles.
2. Tenants will cause frustrations with property damage, complaints, and inconvenient calls. Having a clearly written lease outlining rules and payments can prevent disputes.
3. Rental properties require ongoing maintenance, repairs, and adjusting rents based on market rates. Budgeting and cash reserves are needed to handle financial responsibilities.
4. Regular maintenance is needed to prevent deterioration, and budgets should include replacing major systems over time to avoid surprise costs.
5. For those
23.3.2013
This document discusses legal notice and provides guidance on drafting a legal notice. It explains that there are three types of legal notices: legal notice, constructive notice, and actual notice. Legal notice is a notice given to inform the public about certain legal proceedings. The document then outlines the key parts of a legal notice template, including the footer with contact details, main body with reasons and required actions, and a signature section. It provides examples of language to use for each part. Finally, it discusses specifics around drafting a legal notice for tenant eviction, such as including names, dates, facts, and the objective in a polite but firm tone.
L S Sellers Landlords
This document discusses considerations for homeowners looking to rent out their home as landlords. It addresses the need to understand landlord responsibilities under Massachusetts law and how to properly handle security deposits and comply with lead paint regulations. Tips are provided around drafting a lease, maintenance responsibilities, and obtaining necessary forms regarding security deposits and lead paint for rental properties built before 1978.
ACUTRAQ - Beginners Guide
This document provides guidance for landlords on managing rental properties. It covers topics such as why manage rental properties, being in control as the landlord, marketing and finding qualified tenants, charging the appropriate rent amount and application fees, conducting background checks, protected tenant classes, and ensuring lease compliance. The document emphasizes the importance of screening tenants thoroughly, being firm but fair with tenants, and avoiding emotional decision-making to maximize rental profits and minimize landlord liabilities. It also recommends using online application processes and professional tenant screening services.
Top 5 Problems of Self-Managing Homeowners and How to Deal With Them
We recently conducted a survey where homeowners identified the pain points of self-managing their rental properties.
Here’s what we found. We’re also sharing some tips on how you can resolve each of them. https://one.rent/7b283
Second Chance Rentals
Second Chance Rentals is a company dedicated to helping renters find apartments without checking their credit score. Our staff is trained to work with those who have bad credit, or no credit at all, and we specialize in apartments that cater to people with bad credit or no credit history at all. Our central location gives us access to a wide variety of apartments for rent across the country; including those that cater exclusively to people with no credit history. We have hands-on experience working with many types of renters and landlords, so contact us today!
Short Sale Presentation
The document provides information about navigating the short sale process when facing foreclosure. It discusses the advantages of a short sale over foreclosure for both homeowners and lenders. It also outlines the short sale process and the documentation required from homeowners, including bank statements, a hardship letter, and listing and purchase agreements. The representative's role is to negotiate with lenders on behalf of homeowners and submit the necessary paperwork to get the short sale approved.
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The right way(finished)
- 1. The Right Way to Deal with Problem Tenants
- 2. Problem tenants are a nightmare for many landlords. Guidelines for dealing with tenant issues vary from state to state. However, there really are four things you should do to avoid a legal battle with your tenants:
- 3. The lease agreement should clearly define potential tenant- landlord issues. Once you have qualified the tenant and agreed to lease the premises to him or her, it is important to review the rules and regulations within the lease. If the tenant enters into the agreement fully informed, then he or she is less likely to create an issue.
- 4. Talk to the tenant once an issue has been reported. Open lines of communication can often avert a potential tenant-landlord crisis. The tenant may have been unaware that he or she was causing an issue, and a simple conversation can sometimes avert the need for further action.
- 5. Put it in writing. A formal letter to the tenant is often a good step. This can be either a personally drafted letter or a form issued from the local housing authority, depending on the seriousness.
- 6. File an action with the local housing authority. This is obviously a landlord’s last resort. If all other efforts fail, involving the local housing authority is your only legal option. Forms, time periods and authority vary from state to state, so seeking the appropriate legal advice is important before proceeding.