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Ask a Real Estate Pro: Landlord shouldn’t try to be friends with tenant

When selecting your tenants, be very picky. Do credit and background checks and make sure their employment and financial pictures are stable. It’s better to take longer to find a good tenant than to have to evict a lousy one.

Q: We recently bought a new home and will rent out our existing property. Can you please give some advice to a new landlord?
A: Renting property can be a rewarding business — if you approach it correctly.

Once you have a tenant, don’t try to be friends with him or her. This a business relationship. If you go golfing with your tenant every Saturday, how will you feel if the rent payment is past due and you have to post a warning notice on the door? If the payment is late, you must take immediate action.

Don’t get in the habit of accepting excuses.

A good landlord immediately responds to the tenant’s request for repairs and maintenance. Also, save all of your receipts. These expenses can help offset the rent you receive on your taxes.

The landlord-tenant statute is not hard to understand. Familiarize yourself with it. The procedures for enforcing the lease are set forth step by step in the statute. Make sure to have a good lease form that is current and state specific. Entering and exiting leases can be intimidating for beginners, so don’t be afraid to seek help from a qualified real estate professional.

The information presented here is provided for general informational purposes only and are not intended to be legal advice. No attorney-client relationship is formed, nor should any such relationship be implied. Nothing here is intended to substitute for the advice of an attorney, especially an attorney licensed in your jurisdiction

(culled from http://www.sun-sentinel.com)

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October 27, 2014

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