Quote:
Originally Posted by gunfish
I was a landlord for a time. Although I never encountered anything like this, I sure spent a lot of money rehabbing the place when tenants moved out.
Some people are animals.
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Beyond the deposits?
In my studying how to do this and minimize risk, here's my list so far for managing the property once acquired:
- criminal background check
- credit check
- income verification
- reference to previous place of residence
- include water and landscaping as part of rent
- walk property once or twice a year
- one year lease, first last and security paid in cash before move in, pets extra (or not at all)
- absolutely strict enforncement of all lease terms: due on the first, late on the 3rd, eviction proceedings begin as soon as legally possible thereafter and ceased only when full payment received
- no partial payments
- enforce late payment penalty
- if ever a late payment, all future payments in cash
And of course, all spelled out crystal clear in the lease. Then do a good job of maintaining the property in good working order and being a swell landlord. Of course there are no guarantees or perfect procedures to protect yourself from slap-dicks but these seem to be some things to improve the odds. The one thing I've heard over and over is NEVER go on gut feeling. Since I'm a machine and don't have any feelings that'll be easy.