| Are you a rental landlord? Have you heard the | | | | tenants or shorter-term tenants? |
| saying "if you want to make a small fortune, start | | | | What about pets? Are you going to include or |
| with a big one then get into property investment". | | | | exclude tenants with pets? |
| That can be true if you don't know what you are | | | | Your choice of tenants determines where you |
| doing. Real estate property investment can be a | | | | need to look for the property you want for your |
| very profitable business if you know how to drive | | | | business. If you are going to rent out your |
| it effectively. | | | | property to a family then you would look for |
| Many successful rental landlords systematically | | | | houses or residences in a respectable area that |
| invest in property, I expect if you are a | | | | has easy access to good schools, shopping, |
| newcomer to property investment you are | | | | convenient transport to places of employment |
| wondering how the successful rental landlords find | | | | and good facilities. |
| tenants for their rental properties who pay their | | | | The best tenants would be more attracted to a |
| rent on time, everytime and care for their | | | | good neighborhood. Much depends on your budget |
| properties. | | | | as to which area and what type of property you |
| Successful rental landlords have developed and | | | | can afford. |
| follow proven processes to get the best return | | | | Step 2 |
| on their investments. | | | | Become familiar with "The Uniform Residential |
| Many successful rental landlords had to learn the | | | | Landlord Tenant Act" and the appropriate law in |
| hard way from their years of experience and no | | | | your state. |
| doubt from the mistakes that they made in the | | | | Be aware of your tenant's rights and |
| early days of their businesses. | | | | expectations, understand your responsibilities and |
| Just one bad tenant can send you into the | | | | rights as a rental landlord. |
| financial spiral of doom, particularly if you are still | | | | Step 3 |
| learning the ropes of investing in real estate. If | | | | When you have purchased your investment |
| you have a tenant that is always late with the | | | | property, prepare it for your future tenants, |
| rent payment, or only makes partial payments or | | | | avoid doing a quick and cheap makeover, prepare |
| perhaps defaults on the rent, it can be an | | | | it as if you were going to sell it then you are |
| absolute nightmare trying to sort it out. | | | | more likely to attract better tenants. |
| You do have recourse to the legal system but | | | | Step 4 |
| you have to follow due process by issuing written | | | | Advertise your property in the local neighborhood |
| notices and if the worst comes to the worst, | | | | and also use online services. |
| initiate the eviction process. | | | | Step 5. |
| And if your property has been damaged by the | | | | Have your potential tenants complete written |
| tenant it just adds to a bad situation. Before you | | | | applications and do a thorough tenant screening. |
| can start looking for new tenants you have to fix | | | | You can charge an application fee to cover your |
| it up. | | | | overheads for tenant screening. |
| When it comes to court, assuming you get a | | | | Even if your tenants provide their own references |
| judgement in your favour, realistically what do | | | | you still need to do the full screening, you have no |
| you think your chances are of getting cash out of | | | | way of knowing if the references are genuine. |
| your ex tenant any time soon. | | | | When screening your tenants look up the |
| To add to your already stressful situation, no | | | | respective contact details yourself in the directory |
| rental income, expenses to fix your property and | | | | rather than using any contact numbers for |
| to find new tenants, you still have to meet your | | | | employers etc provided by the applicant. |
| loan repayents otherwise the bank or your | | | | Step 6 |
| financial lender will foreclose on you. | | | | After you select your tenants it time to sign the |
| You can avoid those problems by following simple | | | | lease agreement. You would be crazy if you didn't |
| steps to get good tenants. | | | | have a written tenancy or lease agreement so |
| Step 1 | | | | get one even if you have to pay for it. It's worth |
| Do your homework before you even think of | | | | its weight in gold. |
| buying your investment property, settle on the | | | | So just follow this proven process and you can |
| type of tenants you want. Will they be long-term | | | | quickly become a successful rental landlord. |
| tenants, a family, couples without children, single | | | | |