Step-by-Step Guide to Becoming a Landlord


First you need to find a property. While renting is up there are still some places with no renting market so do your research. Note that a property in a good area might be more money but will attract better tenants who will be willing to pay more money.Once you have the property its time to make it ready for your first tenants. You'll want to make sure everything is up to code. Its a good idea to pick fairly neutral colors when decorating. To bright of colors might bother potential tenants.Now its time to go looking for tenants. The are several ways you can advertise; paper, web even radio. The more people apply, the better options you have. Which method or methods you use often depends on the area and you particular choice.You will need an application and lease. There are many versions online. A quick search should help you find one.

Make sure to edit it to fit your requirements such as no smoking, no pets, breaking lease terms, late fees and so on.Once you have a stack of filled out applications its time to start reviewing them. There are tenant screening sites all over the web. It generally a good idea to pick a site that is BBB certified. Less risk of them being a scam since BBB monitors and will kick any business with poor conduct or lots of complaints.Call potential tenant's previous landlords, bosses, and run a google search. You will be amazed by what you can find. Or what people try to pull. I've had people claim to be working for a company and bring in an old pay stub for only to call and find out they had been let go 3 months ago.Tips

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