Some tips on being a landlord; first thoroughly check your tenants’ background. Pull a credit report and do a criminal report check with their past 2 landlords; “don’t just call their current landlord; you don’t really think if they’re a nightmare he will tell you, do you?” Follow your prospective tenant out to their car, look in it; is it a mess? If so their home could be the same. Drop off an application at their current residence, look around, how do they keep their current apartment?
A good landlord will offer a tenant 3 simple things; a clean, safe and quiet place to live. Explain your intent and what you will offer them and what you will be expecting in return. Be very clear on rents when you expect it and what happens when you don’t receive it. Know what fair market rent is and try to obtain it. Know what your competition is; go out and look at the other units. Always offer a clean, bright apartment.
It is very important you know the laws of being a tenant and what the laws and rights are of a tenant. Know about lead paint laws; know about security deposits and first and last months rents. If you fall short on this knowledge trust me, a tenant can find out all these rights by a click of a mouse and you can find yourself in a huge financial mess.
Lastly, have systems in place. Be rest assured you’re going to need a plumber or an electrician at the most inconvenient times so have a few reputable contractors lined up. Make sure the tenants know what to do in a snow storm and always make sure you offer a safe environment for someone to call home. If you need any contractors please feel free to contact me or if you want a list of multi-family homes for sale reach out to me.
Are there any questions you wish I answered for you? If so, just ask. Contact me directly at john@johnconnolly.com or (781) 985-9064.