The landlord tenant relationship can be one filled with conflict, where the landlord is always fighting to collect the rent and the tenants are always fighting to get things repaired or trashing the property. Or, it can be a relationship that is professional, where standards are spelled out, procedures are detailed and rules are followed. The choice of which one you have is up to you.
As a landlord, you set the bar for your rental properties. You can either run them by the seat of your pants, or you can run things in a professional, business like manner. Each method will yield you wildly different results.
The First Method
Let’s take a look at the first method. Joe Landlord decided he wanted to get into real estate some time back because he heard he could make some good money. Without researching anything, he went and bought several rental properties. He got his lease from the local office superstore. He bought a “For Rent” sign from Home Depot and inked in his phone number. He took the first decent looking person that come along and moved them right into his property. He thought that all he would have to do now is collect checks.
He never figured that things break, so he had little money for repairs and not the slightest idea who he could call to get something fixed. He never figured his lack of making repairs would lead to resentment on the part of his tenant. He never thought someone would not pay the rent. Now he has a broken down property, an angry tenant who is not paying. Will his lease help? Not likely. Leases should be state and local specific. Will he …read more