How to be a Landlord

Anyone who owns property can be a landlord and rent out part or all of the property. Many landlords are just average people who have a guest house or extra room that they rent out for an extra income. For others, it's a business, it's their way of making a living, and it's a full time job for them. No matter If your a business man, or just an average person looking for extra income, If you want to be a landlord then there are some things you must know to protect yourself.The most important thing a landlord can do to protect himself or herself is to prepare a residential lease agreement for each tenant. This agreement is a contract between the tenant and landlord. It lays out any terms, rules, conditions, obligations, and / or policies the tenant should know about and agree too before they rent out your property. This agreement is important to preventing any quarrels later on. As you probably know, a contract is legally binding and can be easily enforced through a civil suit.The next most important thing for a landlord to do is to create a rental application. This application is simply made to help weed out bad tenants that may skip payments or damage the property during their stay. This form should ask for all the information needed to do a background check, figure out if they have the ability to keep up with payments, and information that could help track them down if they skip town to avoid paying you.Once you've made a residential lease agreement and a rental application then the most important things are over. You can begin renting out your property from here, but if you want to be a good landlord then there are some more things to know. First, respect your tenant’s privacy by giving them adequate notice before entering into their space. Second, make it easy for the tenants to dispose of trash; one way to do this is by providing pickup trash removal. Third, its smart to provide help maintaining things like electrical, plumbing, and the A/C.