The first tip for landlords, according to Lee J. Schneider, is to review each potential tenant carefully. Check credit history, job references and previous landlords. Screen tenants to make sure they pay rent on time, is respectful of your property, gets along well with neighbors.
Use Written Agreements.
Once a tenant is selected, the second landlord tip is to make sure you agree to a written lease. This should include all the specific details such as how you handle tenant complaints, repair problems, note that you must give the tenant in the apartment entered, terms of the lease or rental agreement.
Complete Regular Upkeep
Maintain and repair the property promptly or as necessary. Not doing this risks pushing away good tenants, and could result in losses if the tenants decide to withhold rent until the problem is resolved.
Create a Safe Environment
Lee J. Schneider recommends maintaining a safe environment or apartment is and important tip for landlords, so take steps to keep it that way. Assess your property and take appropriate measures to protect them. Usually, most solutions are not expensive, and include lighting, landscaping that is properly maintained, and good locks.
Give Adequate Notice before Entering.
Another tip is making sure you know the legalities about entering your tenants home. You should notify your tenants when repairs or maintenance make it necessary for you to gain access to their apartment or home, at least for 24 hours before hand is a standard state law, however, be sure to check for specific details.
Management of Supervisors.
Selecting a properly trained and experienced manager for your property is another important tip, especially if you are unable to do this yourself. Note that if a manager commits a crime or is not performing their duties, you may be financially responsible. You should carefully consider the background of the manager and clearly detail their the responsibilities of a manager to help prevent future problems.
Insure The Property.
Be sure to get enough liability and other insurance for the property. This can protect you against lawsuits by tenants due to injuries or losses resulting from theft, fire and storms.
Solve Problems Yourself.
Problems always come up, but try and remain calm and solve them yourself rather than bringing in expensive lawyers is a good tip for landlords, according to Lee J. Schneider.
Lee J. Schneider focuses on residential real estate investments, strategies and tips for landlords. In March, 2010, Lee J. Schneider formed Richmond Equity Management, Inc. Lee’s areas of concentration are to both “buy and flip” and “buy and hold” residential properties opportunities. Located in Amityville, New York, REM looks to capitalize on current and future market conditions. Originally formed in 1997, under the name LJS Realty Group, REM has acquired many properties. Starting with a one-story ranch in Amityville at a purchase price of $80K Lee J. Schneider later sold the property for $117K for a profit of 37,000. Prior to selling the property, REM rented it out for several years. With a rent roll of $1,600 and a PITI of only 800 Lee was able to see the benefits and the “power” of rental or passive income. Lee is a member of LIREIA, taught sales at previous companies and knows construction.