Landlord Rights

If you are thinking about investing in real estate and renting it out, you need to become familiar with the process. Even though it may sound relatively easy to become a landlord, there are actually a lot of details that go into it that you may have never thought of before.

As a landlord, there are rights that you have, as well as rights that the tenant must follow in order to abide to any lease. A few of these rights are listed below.

1. As a landlord, one of your most important rights is to collect the rent from your tenants before the due date each month. This is an important landlord right because without your payment, you will be letting somebody live in the property for free. Not to mention the fact that you will not make the money that you are expecting.

2. Another landlord right is the ability to inspect the property that you are renting as determined on the rental agreement. Of course this will differ from state, but as a landlord you will be able to inspect your property at pre determined times. This is an important landlord right to have in order to protect your investment. By taking part in these inspections you will be able to turn up behavior and damage that may be cause for eviction.

3. A landlord right that needs to be outlined in the rental agreement has to do with late payment fees or penalties. It is important to touch on these because sooner or later you are going to run into somebody that does not pay their rent on time. With this landlord right, you will have the ability to assess a late fee in order to cover the losses or damages that you will incur.

One thing that you need to remember about landlord rights is that they differ from state to state. This is important because each state¡¯s law is different, which means the rights of the landlord will also change. If you are not familiar with the landlord rights in your particular state, you may end up making a mistake that can cost you a lot of money.

When you are trying to find out which landlord rights you have, the best thing to do is refer to the rental agreement. Every landlord right that you have should be outlined in the rental agreement. If they are not, you need to amend your agreement right away.

Qualifying Tenants

If you own a property that you are renting out, but do not have the time to also act as a landlord, there is an option available to you. The best way to solve this problem is by hiring a tenant to act as a landlord for you. This may seem like a risky proposition at first, but if you know who you are hiring and you do your homework you should not have any problems finding a tenant that suits your landlord needs.

While trying to qualify a tenant as a landlord there are a couple of things that you can do in order to ensure your overall satisfaction. Follow the guidelines listed below if you need to hire a tenant to act as a landlord as well.

1. The first thing that you will want to do when trying to find a tenant to act as a landlord is determine which ones are responsible enough for the job. After all, they will be in charge of your property so you will want to make sure that they know exactly what they are doing. One thing that you will want to keep in mind is to never hire a tenant that has made late payments in the past. This may sound a little harsh, but if they are not responsible enough to pay their own rent on time, how are they going to be in charge of everyone else¡¯s?

2. Ordering a background check on potential tenants that you will be hiring to act as landlord is also a good idea. The reason that this is important is quite simple. Your landlord will probably have access to everything in your property, as well as other people¡¯s units. This means that they need to have a scotch free record in order to ensure yourself that they can be trusted at all times. 

3. Make sure that you have a reasonable offer in mind when you approach possible tenants about becoming a landlord. In other words, you cannot ask them to become the landlord without any sort of compensation. You will need to get this all in order up front, so that when you are holding discussions you can do so in an educated manner. 

4. When trying to find a tenant that can also be the landlord you will want to call on somebody that you can become friends with. After all, they will be in charge of your investment, and you will probably want to stay in close contact with them. It would be much easier on you if you maintain a friendly business relationship.

Finding a tenant that can also act as a landlord does not have to be a difficult process. If you follow the four guidelines listed above you will be able to find the best tenant in no time at all.

 

Do you own real estate articles or stories and want to share with other investors? 
You have chance to win $100 Amazon Gift Certificates. We will give away 3 prizes for top authors each month!

Email your articles or stories to:  articles@buyincomeproperties.com

 

© Copyright 2001 - 2010 by BuyIncomeProperties.com               

 

 

Visit Real Estate Forums for every real estate investing topics!  Enter Here

    

Top of Page