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Here is my 2% as a landlord with 4 properties
1. How does the outdoor and indoor of your property look? If it looks like other property nearby, you are more likely to only get average rental estimate. Although your property is in the unattractive park of the town, you have to make sure that it looks very attractive in order to stay on top of your competitors. That extra spending for renovation is going to help in the long run. When someone come to look at the property, you have to make sure it really stands out.
2. Do month-to-month leases if the tenant is reluctant to pay on time so it’s easy to get them out because you can terminate their contract in the upcoming month.
3. Set your price above market rental estimate to filter bad tenants. Make sure your property reflects the price.
4. Don’t treat your property just like a rental, change the mindset and treat it as if you were living in there. Make sure your keep up with maintenance so it can reflect the price.
5. Renting room by room can be very stressful, specially if they have to share bathroom, kitchen or living area. Does your place have a basement? If it have a basement you can rent the basement to one person and the top to another person/family.
6. Make sure that you run background check, criminal history, income check, court record if it is public. Trust your judgment, if something about the tenant doesn’t click right with you, don’t do it.
7. Don’t be an absentee landlord after the lease is signed, make sure that your tenant is feels your present. Make sure that you provide your tenant quality service.
8. Conduct inspection every 3month even if the tenant tell you that everything is going well.
Thanks! Will definitely implement some of these tips
I think a solid lease is worth 5k a year. No hassle. Unless you have time to be really on top of things.
Thanks! It definitely feels like the cost of my time is huge to consider here, appreciate this perspective!
If this were me, I’d do the flexible leas to start. Here’s the reason: if you do a long- term lease (year) you’re getting less money and if the person doesn’t pay, you’ll likely have to go through the eviction process (I’m a lawyer, and it is still a pain)—especially if this part of town is “undesirable.” If you’re doing short-term stuff, well, there’s already a market for it. That way, you can charge more, and even if there is turnover, it sounds as if you could re-rent easily. Even if the short-term tenants aren’t ideal, they seem transient anyway and won’t just park there while you’re waiting to evict. Then again, we’ve had luck with people on fixed incomes in less than desirable parts of town who have been there for years. I guess the issue you have is the tenant. I might recommend a retired person on a fixed income who isn’t going anywhere over a younger person with a more dodgy job situation. But that is all dependent on the situation.
Thanks!
I don’t do split leases/room leases. Not only do you have turn over, you end up becoming mom/babysitter/therapist etc. when folks can’t get along. I do rent to groups, but they come together as a group and sign for the full year
Thanks! I wish I could find pre-arranged groups or someone who would take on the risk of finding other roommates, but no luck at this point