Ask The Following Questions, Find The Answers To Be A Successful Landlord – Part I

If, you as the owner of rental property are frustrated with the headaches that come with letting out property, then perhaps, you should put down on paper all landlord / tenant problems that frustrate you. After that is done, brainstorm to gain insight, as how best to manage your rental business, jotting down questions relating to landlord / tenant issues faced in your career as a landlord, whether, related to discrimination, credit checks, lease law, non-payment of rent, pets, renting furnished properties, acceptable security deposit deductions, taxes, lease termination, landlord liability laws, incorporation, etc. etc. Study up and gather information on all these topics, which will make you knowledgeable, as well as, provide you with the correct solutions and answers to rental issues. Not only will you know how best to avoid rental problems, next time, a tenant problem crops up, you will know what to do, while your success in the rental business will help you make money.

You can begin by searching for answers to the following questions:

1. What laws must a landlord consider when renting out his / her property i.e. whether, Federal or State laws, local ordinances, homeowners’ association rules and regulations, or condominium documents, as applicable.
2. Whether, security deposit taken from a tenant needs to be held in a segregated bank account located within the state where the rental property is located, or in a personal savings or chequing account, or in accordance with state laws.
3. Ask yourself, whether, it is legal to refuse to lease your unit to a tenant on the basis of his / her religious beliefs, or if he / she is shabbily dressed, or refuses to submit to a credit check, or belongs to a different racial group.
4. Again, whether a lease agreement should or should not contain a clause that restricts pets, the number of overnight guests, and as to who pays for repairs to the property.
5. As well, find out if you know, what information a lease must contain to be considered a valid one e.g. lease commencement date, termination date, parties to the agreement i.e. both landlord and tenant, rental amount, including amount of security to be deposited, etc.