Renting residential or business property can be an extremely profitable business. There is a lot of money to be made buy renting apartments, homes, or business property out to renters. However, this enterprise can quickly sour if your tenants are unable to pay the rent each month or worse damage your property. If you are either currently a landlord or considering purchasing a property, it is important that you read up on how to be a landlord, and understand your rights.
If you own a piece of property that you are considering renting out, it is increasingly important that you know your legal rights as a landlord. Today, many landlords can get stuck with thousands of dollars of unpaid rent or legal fees because they do not know how to write an ironclad contract or don't know their rights as a landlord. Here are some pointers on getting the information that you need to protect yourself.
There are numerous landlord guides which can be found in websites online or in e-book form. A well informed landlord knows his or her rights and obligations regarding subjects such as security deposits, rental applications, discrimination, repair responsibilities, rent increases, lease termination, and eviction notices. It is also vital to understand how to avoid potentially bad tenants using legal tools such as credit checks, background checks, and criminal checks.
These tools are just one way to protect yourself against renters that could possibly ruin your investment. You also need to learn how to write a strong contract, understand your tenants legal rights and obligations and how to watch out for major pitfalls. So if you are a landlord, a landlord guide is an invaluable tool to protect your investment.