Friday, September 2, 2011

Common Landlord Mistakes

Foreclosure filings are on the rise and more and more people are purchasing these properties and using them as rentals. With the occurrence landlords and tenant relationships are on the rise. There are several mistakes that residential landlords tend to make, first make sure you have a well written lease. Leases they sale at the office supply stores or online are cookie cutter leases and may not meet the needs or concerns you have with renting your property. Second ask for references you will renting to someone you don't know and therefore you want to provide references so you can discern whether or not they will be good tenants. Third make sure you keep the security deposit in a separate account. It doesn't matter whether it's interest or non interest bearing the money must be kept separate from your own.  Fourth you will want to take lots of detailed pictures of the property before renting it out and more pictures after the tenant leaves. These pictures are worth there weight in gold if the property becomes damaged. And lastly you may want to consult with an attorney,  a good  attorney can help you prepare for your role as a landlord and avoid making costly mistakes.

If you need more information check out the link below:

This blog does not constitute legal advice if you want legal advice you should contact a lawyer licensed by the bar of your resident state.

1 comment:

  1. Really Good Post!!

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