From home owner to landlord, some friendly tips

Becoming a landlord may not be a choice in this market.  Most people prefer to sell their home and look to the future to begin the next chapter of their life.  If you are finding yourself with more than one home and in need of extra cash to cover your additional mortgages here are a few tips to help.

  1. Get a lease.  Even if you are renting to a friend or family member it is important to have something in writing.
  2. Change your locks after you move out and after each tenant moves out.
  3. Let your incoming tenant know they should consider getting renters insurance.
  4. Get some background information on your incoming tenant.

Find a company that does credit checks

Call their previous landlord

Check current employment to verify income

  1. Find a good handyman or contractor that does various types of work.
  2. If you find a company that provides plumbing, electrical services and minor repair work you might be able to negotiate a deal for using only them on your property.
  3. If you have doubts about someone financial ability to pay the rent – Remember – it can be more costly to evict someone than to have it vacant for a couple of extra months.
  4. If you are moving far away or do not want to deal with managing your property consider a management company.  It maybe worth it.
  5. Provide your new tenant with local information  including trash/recycle days and gas and electric numbers.

Remember you can post your rental properties for free on Relify.com.  If you have any questions feel free to email me at relify@relify.com

Stuart Berman

Co-founder

http://www.relify.com



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