What is your BEST advice for a new landlord??? (lease, tenant, deposit)
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In a nutshell, we are trying to sell our house and do have a buyer/contract, but we are feeling less and less confident that this
deal will go through. We are moving for a new job my husband has
taken. We will still be in Florida.
I have been researching renting and would like to know, what is the best piece of advice you could give someone new to renting out their home?
We have a 2400 sq ft home in a very nice part of Orlando, house has been
kept in immaculate condition and we have a pool.
My biggest fear is that we get tenants in that trash the place.
Any advice would be much appreciate! Thanks in advance.
If your place getting trashed is your main concern, then screen your tenants so hard you'll know their favorite flavor of ice-cream and whether they prefer boxers or briefs.
Learn what the Laws and Regulations are in your state!
Get a copy of the landlord tenant laws and read it completely. If you don't understand something, seek professional advice. Most casual and new landlords get smacked hard because they don;t understand what the law is and they do things they way they think it should be. Doing it the way you think it should be done can be illegal and cost you big bucks. This is a business. You need to act like a business owner. If you don't have the heart to throw some single parent and their 3 kids and grandmother who didn;t pay rent, out on the street one cold rainy snowy day right before Christmas, this is not for you.
If you don't have the heart to throw some single parent and their 3 kids and grandmother who didn;t pay rent, out on the street one cold rainy snowy day right before Christmas, this is not for you.
I wanted to quote and restate this fact.
One of my first experiences at being a landlord was exactly this same thing.
Tenant, in front of his children and his frail, old mother: "How can you do this to us right before Christmas??" (xmas was in three days)
Me: "I just had to pay your rent for you, our of my pocket, because you are not man enough to take care of your bills. You guys better move out by this X date, because I will personally kick each and every single one of you to the curb, along with all your trash. Are we clear??"
Luckily, it didn't come to that, and they left peacefully.
My best advice would be to hire a property management company.
If you don't intend to do that, then you need to learn enough that you could start a property management company yourself. Find out not only the landlord/tenant laws for your state, but how they are practiced/enforced for your area. Do everything by the book, and remember it is a business, don't be a softie and don't take excuses.
Do your research, find 10 leases used by property managers or attorneys in your state, and combine all of them to give you a lease that covers everything. Then learn what the lease says well enough you can explain each clause while the page is upside down. Don't just know the words, know why it says that, and what it means.
And finally, if you can't afford to recarpet and repaint between every tenant, do not become a landlord at all. You may not have to do so, and you may have deposit to cover some of it if you do have to, but you have to plan for the very first tenant to trash the place, and then screen like crazy and cross your fingers. We've had tenants who were A+ tenants for years, then let their son move in and the son did $10k in damages in 6 months. Sometimes you don't get what you expected.
Take the loss and sell your house asap. If you rent it it will never be the same. You have a personal and emotional attachment to the HOME and no one will treat it as such.
I know in florida it is easier to remove a tenant than in NJ but what will you loos if your tenants refuse to leave and you loos a buyer. Or you have to repair the things that are damaged or just "normal wear and tear".
I am on the way out now to my 2 family and scheduled to meet with the exiting tenant to discuss cat damage, the carpets she agreed to clean in the lease that she did not, the 2 years of dust and dirt, the bad sheet rock under 2 windows because she said they did not close, but with out all the crap in the way I was able to close them.
I would not rent that house unless you are prepared emotionally and financially for how things will change.
If you want to be a landlord buy a multifamily that you will never live in BUT never re-rent a unit unless you would be will to live in it.
If your place getting trashed is your main concern, then screen your tenants so hard you'll know their favorite flavor of ice-cream and whether they prefer boxers or briefs.
In all seriousness, what else would my main concern be? Of course I'm concerned about the rent being paid, but serious damage to the property
and pool could cost far more than a month or so of lost rent.
Correct me if I'm wrong in my thinking, I've never rented to anyone. Thanks
Learn what the Laws and Regulations are in your state!
Get a copy of the landlord tenant laws and read it completely. If you don't understand something, seek professional advice. Most casual and new landlords get smacked hard because they don;t understand what the law is and they do things they way they think it should be. Doing it the way you think it should be done can be illegal and cost you big bucks. This is a business. You need to act like a business owner. If you don't have the heart to throw some single parent and their 3 kids and grandmother who didn;t pay rent, out on the street one cold rainy snowy day right before Christmas, this is not for you.
My best advice is to screen your tenants as much as possible, and don't rent to friends or family.
Thanks
Can you offer any tips or advice on good screening practices?
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