dressforitWhen it comes to being a landlord tips are always useful. No one will know it all, but with each passing year managing a property, and with each new property added, you'll gain experience. Even with experience, though, it's often helpful to take a look at what others in your industry have learned to better work out any problems before the arise in your own ownership experiences. It helps to learn from other people's mistakes so that, hopefully, you can avoid at least a few on your own. Seeking out advice from those around you and from knowledgeable sources helps to make your business stronger.

There are many ways to find new tenants for your property. Online advertisements are usually the route that most landlords take and they allow a greater audience to view pictures of your property and contact you. Limiting your marketing to the local newspaper, unless you live in a very small town, is likely not the best option. Get to know your area and the best way to reach people that would be interested in your property.

Tenant screening is a must. This helps you sort through all your applicants and find the best one for your property. Credit, eviction, and background reports are going to be the most important, but that doesn't mean that you're limited to just those when choosing your next renter. Many landlords will check with previous landlords and employers. What you're looking for will vary depending on what you're looking for.

Leases help keep everything in the open and you can often find one specified for your state that you can tweak for your own use.

Evictions are something you don't want to wait on. Once the tenant is 60 days late in their payments, it's rare that they'll get caught up at that point. If the tenant is going through bankruptcy, make sure to hire the appropriate lawyer to help you through the process so that you're not stuck with a tenant in your property that lives there for free. If you have to go to court to evict a tenant, make sure to dress nicely, be organized, and have all your data ready in advance.

BiggerPockets has a great article here that detail out tips for new landlords.

POSTED February 11 2014 12:51 PM

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