Being Your Own Landlord
Not an easy decision to make. If you have one home and you are renting out for the year to one tenant, then it is much simpler than if you had multiple single family homes or a vacation rental.
If you only have one single family home to rent, to the same tenant, then you only have to do everything once. The credit checks, the background checks, the cleaning, the marketing, etc… done the first time and then only reviewed and renewed once a year. Just sit back and collect the checks.
If you have a vacation home you are renting, to multiple tenants, then you are always marketing, cleaning, checking credit, etc… each time you have a new renter. This is a lot more work than one tenant! We are not trying to scare you off of vacation rental homes. They are a very profitable business if managed correctly, and we have a mix of both home types. You just have to know what you have in store for you and how much work do you want to do.
Even if you only have one home to one tenant, you may not want to even deal with them. If this is the case or if you have many homes or even one vacation rental, or if your properties are not near you, you may want to consider using a Property Management company.
If you are considering being your own landlord, here is where you need to begin. This link will take you to all of the information you will need on your individual state’s laws between landlords and tenants. You need to start here before going anywhere else!
http://www.mrlandlord.com/html/frametop.html
You will see us reference this site, www.mrlandlord.com, several times. It is a great site for all information regarding being a landlord.
You should also get one or all of these books from Amazon.com:
By Jeffrey Taylor
He shares some of the absolute best money making management ideas that he has been sharing with landlords nationwide and using himself for 24 years. In his new book, he reveals what it takes, step by step, to get residents to work with you and not against you.
Landlording: A Handymanual for Scrupulous Landlords and Landladies Who Do It Themselves
By Leigh Robinson
This bible of the landlording business has provided information about the proper way to conduct business and has guided landlords through enevitable day-to-day woes for over 30 years. And this book has twice been selected as one of the top ten real estate books of the year by nationally syndicated real estate columnist Bob Bruss.
by Jeffrey Taylor
Over 100 RENTAL FORMS that will make you more money and help you take control of every rental situation! This new book includes 50 money making management tips and the best rental forms that he has developed in over 20 years as a landlord.
These are just a few books to get. There is some overlap in content between the three, but it never hurts to get multiple viewpoints.
And before we forget to mention it, find a good real estate attorney! You may not need them now, but they are always good to have on call when you do. Meet with them briefly and discuss what you are planning on doing with them. The consultation should be free, especially if they know they will get business and referrals from you.
The next thing to do is get your documents in order. Here is a short list of the main documents you will need, but the others will vary from state to state.
· Rental Application and subsequent Approval and denial forms
· Rental History Inquiry Form
· Employment Verification Form
· Residential Lease Agreement
· Lead Based Paint Disclosure (if property constructed prior to 1978)
· Asbestos Disclosure (if property constructed prior to 1981)
· Welcome Letter
· Emergency Shut Off for Gas, Electric & Water
· Utility Company Information Sheet
These are just a few of the documents that you will need prior to and during your tenant’s move in. There are MANY others that you may or may not need depending upon your circumstances and state laws. Save yourself some time and visit www.ezlandlordforms.com, or www.landlord.com. They have everything you could think of and more. From the basics listed above to Late Notices, Notices to Tenants, Violation Notices, Evection Notices, Misc Addendums and Disclosures right up to the Move Out documents. Great site, well worth it! Some of the forms are free and some cost a few dollars. We have included some of them here for your review, but remember to check the links above for your state’s specific laws!
