The Top Five Landlord Essentials

  1. Know the landlord tenant rules that govern your area. Become an expert. Read all the codes. If you are governed by rent control learn all the ins and outs. Leave no stone unturned. Make sure you are compliant with zoning. Make sure you have a business license if required. Be a legal eagle.
  2. Have a great lease. Make sure it is legal and complete and compliant with lead and other local requirements. It should cover every eventuality. Mine is very long. Have an attorney review it. Make sure you go over it carefully with your tenants and give them a copy.
  3. Make sure you are compliant with smoke detectors, fire extinguishers, carbon monoxide detectors and exterior safety lighting. Keep a log of when batteries were changed and bulbs updated. Replace batteries and check bulbs at least every six months. Safety is paramount.
  4. Keep a rent roll of current tenants and regular monthly expenses. I have one for every month so I can track my monthly bottom line. You need to be on top of tracking the money!
  5. Build a reliable group of handymen and plumbers that you can call in an emergency. Plumbing problems seem to happen Friday night late and you need someone who will show up when you want them. Then you need the back up guy in case the first guy can’t come and then back up, back up. Tenants will forgive problems if you resolve them quickly. Pay your workers fast and they will value your business and make you a priority.

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