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Being A Landlord
If you rent property, manage it as if it were a business. Set a rent that's fair for your market, not one that's based on your mortgage payment.
Require prospective tenants to fill out an application, and ask them to supply a copy of their credit report.
Make the security deposit a little higher or lower, but not the same as, a month's rent.
For landlords with just one or two properties, include a repair clause that makes the tenant responsible for the first $50 cost of any repair. To do this, you may have to charge a little less in rent.
Provide a $25 or $50 discount for early rent payment.
Do a move-in inspection and move-out inspection of the property to protect yourself in case you have to keep part or all of the security deposit to cover damage.
If your tenants do not pay the rent, be prepared to evict them.
If you're relocating far away from your property, ask a friend or relative to handle the rental, in return for some compensation, or consider professional management.
