Thursday, February 28, 2013

Finding a new tenant.

One of the toughest parts of owning rental property is finding a good tenant, and one of the biggest mistakes owners make is giving the keys to their investment to the first person with rent and a deposit.
First you need to consider what you are looking for in a tenant. Short term? Long term? ETC. Decide if you want a month to month term or a lease. Are you going to allow pets? Will you require a deposit? ( the answers to this is YES ) So, how much should the deposit be? I usually recommend close to one full months rent to start. After that pets, etc. are extra deposits.
When you find your "perfect tenant," have them sign a rental agreement and hold them to it. If you waiver from it and you end up in court, it could bite you in the @$$. Check up on them!! Give them a few days to get settled and drop by to " see how they have settled in." If you plan on entering the property you will need to give a 24 hour notice. After the first visit check in every 6 months. I see owners spend thousands on repairs that could have been prevented if the owner was involved. Remember tenants tend not to tell you about "little" problems.
What happens when you need to get your property back? Eviction can be time consuming and complicated. If you are not familiar with your state's evictions laws, consult someone who is. Make sure you follow the rules and don't lose your temper. Threats and yelling will only make things worse. Post your notices, and follow through with what you say you are going to do. Don't get caught up in a situation where you are evicting the same tenant every month.
If you are looking to a quality property manager try or if you are in Eugene or Medford, Oregon try Northwoods Property Management.

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