If I look at our biggest problems and share the learning experiences...
- have insurance coverage on top of asking the tenant to have coverage. Calls from the fire department are a lot less stressful when you know you are covered.
- build in a professional move out clean into the agreement. It is easy to overlook but life is much easier if the tenant is paying for a full clean once moving out. It actually makes things easier for the tenant as well even though they may be bitter about the cost.
- move in and out inspections are so much easier if done using photos. Take 100 photos. Share the album with the tenant. Point out all flaws and document them. Tenant signs off on the flaws and the approval of the album.
- A good property manager, although 8-12% will simplify your life to the point of forgetting you have the property. Some have the ability to take payments from CC's along with a list of advantages you do not have as a solo landlord.
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