Are you thinking about buying an apartment building or just need a refresher on what is necessary to manage a rental property? Here are some pointers to help you run a successful rental:
• Study landlord-tenant law. Read up on fair housing and landlord-tenant law to avoid accusations of discrimination or of uninhabitable living conditions.
• Screen tenants. Establish a uniform standard for screening your tenants. This helps avoid unintentional discrimination and can save you from having to deal with a tenant who doesn’t reliably pay rent.
• Stay professional. Keep a professional distance from tenants. Becoming too friendly with your tenants makes enforcing your rent agreement difficult.
• Select a property management strategy. Will you hire a property manager to make things easier? Or manage the property yourself to save money? There are numerous benefits and disadvantages to both.
Contact me for landlord resources, and for all your real estate needs!