Quote:
Originally Posted by bizaro86
This is important advice, get the inspection report SIGNED by the tenant.
Being a landlord isn't difficult, but it is hard work. When you're taking responses for your rentfaster ad, try and schedule a bunch of showing a short time apart, instead of making a unique appointment time for each person. Otherwise you'll spend your life doing showings. The most important thing you can do with your ad is take good pictures. If you can't do that, pay rentfaster the (nominal) fee to come take them.
Tenant screening is key. People lie on the application forms, your job is check the facts, call the references, and make sure you're not getting taken in by someone. Ask yourself how good a judge of character you are. Getting a good tenant is the most important part.
If you do decide to be a landlord from a distance, it would help to have someone local you could call in case of emergency to help you out. The other thing to do is be prepared to eat some extra expenses. If the toilet stops working, you can't go over and look yourself if you're not local, you just have to send a plumber and pay the bill.
That's probably still cheaper than getting a property management company though, as you could expect to pay 10-12 percent of the rent, plus a fee every time they re-lease it for a new tenant.
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That's basically what we do. Schedule as many viewings in a row as we can. We have rental applications for everyone in case they are interested (downloaded from Rentfaster). We then check references for sure. Once we think we have the right tenant we do a lease agreement (downloaded from Rentfaster), then we schedule a walk through with inspection forms (downloaded from Rentfaster).
We currently have a fantastic tenant and we try to show our appreciation by sending small gifts and thank yous every so often. Personally I think that's important when you have a tenant you can trust. Hopefully it will keep her there.
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