Zack childress once you have become landlord, there are certain things that you need to know and follow. There are certain perks and peril that you need to know before you do anything.

2. GUIDELINES ON LANDLORDSHIP
Zack Childress Once You Have Become Landlord, There
Are Certain Things That You Need To Know And
Follow. There Are Certain Perks And Peril That You
Need To Know Before You Do Anything.

3. Fundamental steps
Make it legal
Rent collection
Taxable income
Maintenance
Common areas
Décor
Law and regulations
Vacating
Long term tenants
Security deposit
First time landlord
Screening process

4. With good amount of saving , choose the right property at
the right location and become a landlord.

5. You need to get approval from the government and other
legal procedures. Insurance has to be applied for all the
units in a household.Later you cannot claim if any damage
happens.

6. Know the method to collect your rent. Fix up the deadline
date and mode of payment.

7. You must provide receipts to your tenants and file tax
returns, so entire rental income doesn’t come to your
pocket. You need to pay appropriate amount of tax at
regular intervals.

8. You need to be aware that yearly once or bi-yearly you need
to spend on repair work. Appliance repairs, home
maintenance are part of landlord life. Allocate funds for
such expenses.

9. There are some common areas and things in housing, like parking,
elevator. These must be taken utmost care and all expenses spent
on these things should be shared by both tenants and owners. You
can enhance in whatever way you feel to ensure privacy and
safety.

10. Don’t spend much on décor as it is waste of money and ensure all
amenities are provided.

11. As a landlord you must be aware of all the rules,
regulations and laws. There may be amendments from time
to time. So the landlord should keep him/herself updated.

12. The landlord must inform in prior if the tenants have to
vacate the place. 2 months prior notice can be given before
lease ends. You need to paint the walls and make necessary
home improvements before the new tenant enters.

13. You can build good rapport as well as it is cheap on longer run.

14. You should keep yourself informed about the first and last month
payment amount of the tenant, the tenant should pay the security
deposit to the landlord which would be repaid at the time of tenant
vacating the place. The security deposit is used for repairs and
maintenance purpose; it is used when unexpected damage or repair
takes place.

15. You can take help of the real estate agent/ realtor /property
managers in assessing the tenants, though you need to pay them,
you can get good tenants.

16. Before the tenants occupy, selection of tenant takes place by
screening process. This is done to get to know about the
background information of your tenant. Depending on which you
can choose the reasonable tenant.

17. Beware and not bargain, there are many types of scam going
around. Scammers may approach you in form of tenants and
betray you. Investigate properly before letting anyone in.
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Childress quick REI cash system.
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