1 / 19

Zack Childress Real Estate Guidelines on Land Lordship

Zack childress once you have become landlord, there are certain things that you need to know and follow. There are certain perks and peril that you need to know before you do anything.

zackchild
Download Presentation

Zack Childress Real Estate Guidelines on Land Lordship

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. GUIDELINES ON LANDLORDSHIP Zack Childress Once You Have Become Landlord, There Are Certain Things That You Need To Know And Follow. There Are Certain Perks And Peril That You Need To Know Before You Do Anything.

  2. CERTAIN THINGS THAT YOU NEED TO KNOW • Fundamental steps • Make it legal • Rent collection • Taxable income • Maintenance • Common areas • Décor • Law and regulations • Vacating • Long term tenants • Security deposit • First time landlord • Screening process

  3. 1)Fundamental Steps With good amount of saving , choose the right property at the right location and become a landlord.

  4. 2)Make it Legal You need to get approval from the government and other legal procedures. Insurance has to be applied for all the units in a household.Lateryou cannot claim if any damage happens.

  5. 3)Rent Collection Know the method to collect your rent. Fix up the deadline date and mode of payment.

  6. 4)Taxable Income You must provide receipts to your tenants and file tax returns, so entire rental income doesn’t come to your pocket. You need to pay appropriate amount of tax at regular intervals.

  7. 5)Maintenance You need to be aware that yearly once or bi-yearly you need to spend on repair work. Appliance repairs, home maintenance are part of landlord life. Allocate funds for such expenses.

  8. 6)Common Areas There are some common areas and things in housing, like parking, elevator. These must be taken utmost care and all expenses spent on these things should be shared by both tenants and owners. You can enhance in whatever way you feel to ensure privacy and safety.

  9. 7)Decor Don’t spend much on décor as it is waste of money and ensure all amenities are provided.

  10. 8)Law and Regulations As a landlord you must be aware of all the rules, regulations and laws. There may be amendments from time to time. So the landlord should keep him/herself updated.

  11. 9)Vacating The landlord must inform in prior if the tenants have to vacate the place. 2 months prior notice can be given before lease ends. You need to paint the walls and make necessary home improvements before the new tenant enters.

  12. 10)Long Term Tenants You can build good rapport as well as it is cheap on longer run.

  13. 11)Security Deposit You should keep yourself informed about the first and last month payment amount of the tenant, the tenant should pay the security deposit to the landlord which would be repaid at the time of tenant vacating the place. The security deposit is used for repairs and maintenance purpose; it is used when unexpected damage or repair takes place.

  14. 12)First Time Landlord You can take help of the real estate agent/ realtor /property managers in assessing the tenants, though you need to pay them, you can get good tenants.

  15. 13)Screening Process Before the tenants occupy, selection of tenant takes place by screening process. This is done to get to know about the background information of your tenant. Depending on which you can choose the reasonable tenant.

More Related