Self Managing Your Rental Property: What to Consider
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Transcript of Self Managing Your Rental Property: What to Consider
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Self Managing Your Rental Property: What to
Consider
Chris Pleshaw
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Property Management
• It’s always a big investment when you purchase a property, no matter the size
• What you do with it after is up to you• People purchase a property to either live in
it or rent it out to bring in a second income.
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Property Management
• When renting your property out to tenants, a lot is to be taken into consideration
• Should you fail to take some important things into consideration, you may pay for it via your wallet down the road
• Let’s take a look at some important aspects to take into account before agreeing to rent your property out to tenants.
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Screen Tenants• This is an obvious one but still some people
fail to do so and pay the price for it later• This should include rental applications,
credit reports, and a very strong lease agreement with no loop holes. Your rental application should ask for previous renting history and a reference from a previous landlord. This gives you a great idea of the type of tenants you may be handling.
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Tenant-Landlord Relationship
• There are laws in place to help regulate a tenant-landlord relationship
• It can be difficult to handle a tenant who has proven to be difficult all the while abiding to laws
• You have to be a great communicator as to what’s expected of a tenant to not run into problems down the road
• Sometimes personal beliefs can get in the way of an agreement but you have to abide by laws when handling matters centered around personal beliefs
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Tenant That Don’t Pay
• You need to have a process in place for when these circumstances arise
• This starts with strong wording in your lease agreement
• You also want to have protocol in your lease agreement that outlines what happens when a tenant is late with rent or how late is allowed
• Without these processes, you have no backing for when rent is not paid or is late