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How to Become a Fair, Reasonable, and Profitable Landlord in 6 Simple Steps

  1. How to Become a Fair, Reasonable, and Profitable Landlord in 6 Simple Steps B Y : W D A R R O W F I E D L E R
  2. An Overview of the Presentation Live Near Your Properties Review Each Potential Tenant Make Tenants Pay Rent Make Specific Leases Know the Law Research, Purchase, and Prepare a Property for Lease 01 04 05 06 02 03
  3. One Live Near Your Properties
  4. Make sure you live near the properties you are interested in. If you purchase and manage properties that are far away from you, you will have a more difficult time keeping up with maintenance and making sure the staff is doing things correctly. Make sure to check the property regularly for any needs it may have.
  5. Two Know the Law
  6. According to Laura Agadoni from, “Most states have specific landlord-tenant provisions that cover issues such as security deposits, level of access to the property, and how much notice you need to give your tenants when you want them to leave. There also are federal laws you need to know, such as habitability and anti- discrimination laws.”
  7. Three Research, Purchase, and Prepare a Property for Lease
  8. Make sure to find a property that has inherent value, whether that value is in its ability to be renovated and used or move-in ready. Find out ways to research properties in my blog on real estate investment here.
  9. Four Review Each Potential Tenant
  10. Make sure to run a background check on each tenant, as well as check their credit score. Get two character references and two previous rental references from each tenant. Interview the potential tenants, as well. You will have a better idea of if they will be caring tenants who treat your property with respect and pay rent on time.
  11. Five Make Tenants Pay Rent
  12. Some tenants may be "flexible" with when they pay rent, sliding back a few weeks. It is important to A) keep a professional relationship with tenants and B) enforce tenants to pay rent on time. One can enforce timely payment by making tenants pay late fees.
  13. Six Make Specific Leases
  14. If you are going to have leases for each rental property, it is important to hire a lawyer who can create the language for your leases. This will keep you safe financially and legally in the event that a tenant takes legal action against you or you need to take legal action against him/her.
  15. Thank you for your time! S E E T H E O R I G I N A L B L O G P O S T A T W D A R R O W F I E D L E R . N E T !