Reply to how to be a successful landlord (i.e. right way to choose tenant and avoid problems)

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[quote=Anonymous][quote=Anonymous]Great start!
I own a rental house and manage it myself, it really has been pretty smooth. I'll ignore those who say a landlord managing a property is a problem, we treat the rental as our own and are quick to address and resppond to any problems. All our tenants have shared that most rental management companies are not very good to deal with.

Follow your gut also in regards to picking a good tenant and always be sure to actually meet them in person. When showing the house do they seem to like it or are they already complaing about things? The complainers are a red flag for me. We prefer families over groups/students it's just easier to manage and usually brings more stability.

Depends where you live but most jurisdictions have sample rental templates with all the needed legaleeze to use. Montgomery County has one and other necessary forms that one is obliged to give a tenant. Very user friendly and then simply create an addendum if you have additional things. You need to pull a rental license and a lead inspection at least from Montgomery County. Check your homeowners insurance and let them know it will be rented.

Make sure the house is clean and move in ready-everything should be in working order. Doors-new locks, plumbing, blinds, kitchen appliances, laundry

[quote=Anonymous]We are buying a new house and are contemplating renting out our current house. I put together some advice that I've picked up by searching this board, but I would appreciate any other helpful input. Thank you.

1. obtain credit check, references, criminal background check, and evidence of income or funds (W2 for past two years, two most recent paystubs)
2. get a deposit equal to one month's rent
3. do not explain reasons for not accepting the application; do not deny application while showing property; always say there is other interest
4. advertise on military by owner (other good platforms to find solid leads?)
5. get a good contract (where can I find some good templates?)
6. get a handyman on speed dial
7. do I need to buy additional insurance?
8. what are some things that we should fix (e.g. fix a leaky faucet, have windows washed) and should not improve (e.g. no need to paint doors if they are decent, no need to replace windows if existing windows are functional)?

Thank you. [/quote][/quote]

You’re the exception but unfortunately not the rule. I think a lot of landlords aren’t as diligent as you or don’t have the time or temperament for it. [/quote]

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