Repair
Every month put aside money for repairs. Fifty dollars a month is a good start, but plan to gradually increase over a period of time. The goal is to make repairs without having to use your savings or other personal accounts. Remember: Most large scale repairs can be avoided with routine servicing and maintenance.
Lease
Use a fair lease that defines the procedure for early lease termination, maintenance repairs, late rent, and move out as well as rules for tenancy, tenant and owner responsibilities. An owner-biased lease turns away even the best of tenants.
Don’t Discriminate
Prospective tenants are protected under Fair Housing Law. Refusal to rent to someone based on religion, race, color, sex, handicap, familial status, and national origin is a violation of Fair Housing. Coercion, biased advertising, and inconsistently applied rental criteria violates Fair Housing as well. If you are renting a property, prepare a list of criteria for move in based on items such as criminal background, income, rental history, employment history, or credit. Apply the same criteria to each applicant.
Fair Market Value
The more affordable your home, the better chance you have of getting a stable, secure tenant who pays their rent on time and respects your property as their own home. Also, you will have a larger pool of applicants to choose from with an affordable rent payment.
Communicate
From the beginning, establish open and honest communication with your tenant. A strong rapport decreases likelihood of late payments, exacerbated maintenance issues, and property abandonment. It is important to maintain strong boundaries, so no one takes advantage of the other.
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