There are always people out there who own more than one rental unit and, sometimes, they do not want to rent them out. That extra property in which they do not live is sitting there most of the time without generating profit for the owners, just the expected expenses. These people do not want the hassle of being a landlord or having to deal with a tenant.
It is always a personal choice, but there is no denying that with an extra property, potential earnings are just around the corner. The only thing that you need is commitment and knowing certain strategies and personal rules so that you have a healthy relationship with your tenant.
Landlords should also know what their rights as property owners are and what to demand in their lease or rental agreement. This is the legal document landlords have to sign along with their tenants when both of them are setting the rules of a new tenancy or the start of a new period with new rules.
For this, landlords should seek legal advice from a landlord eviction attorney. For example, a landlord may want to know the specifics in the State in which they live regarding leases or rental agreements. Each state may have variations of the same type of law that are subjected to specifics that are often not that evident when they first start as landlords.
Furthermore, when a new regulation that hasn’t been considered before is included in a new lease agreement, a landlord should ask his lawyer for advice. Sometimes tenants read the laws that correspond to this new agreement included for the first time in the lease and may sue the landlord if they feel the need to. It is better to be prepared to defend yourself in a serious subject matter such as this one.
So, what are some of the first things a landlord should know before renting? There are the basics such as considering how to write the lease or rental agreement, and there are some that can be more serious to the tenant regarding their safety and well-being, such as receiving a 30 Day Notice to Vacate due to infringement of some of the previously agreed terms of the lease said tenant signed. It is not easy to evict someone from your property, but sometimes extreme cases demand extreme measures.
As previously stated, a landlord should be prepared for the worst case scenario and also, know a few things, such as:
Knowing when to collect the rent.
This may vary in many States; again, landlords should seek legal advice carefully first and pay attention to the details regarding this. In the State of California, rent is normally due on the first day of the month and tenants should not neglect to pay during this day, even if the said day is a Holiday or a Weekend. This is what should occur and what should be done in the best case scenario, but given all the situations that may happen, the landlord should be ready to make another important decision pretty soon…
Deciding whether to evict the tenant or abstain from doing it.
A just landlord can surely evict a tenant that has failed to pay the rent on time. This time is frequently stipulated on the lease agreement. Sometimes the day to collect the rent is agreed according to a set of rules. For example, the landlord has determined that rent should be collected during the first 5 days of the month, without exceptions. Note how this cannot infringe the local law, but it can be paid before the time the law determines it.
Even with these kinds of exceptions, sometimes, the tenants fail to pay the rent accordingly. Some jurisdictions determine how much time a landlord should wait before being able to send the tenant a Three Day notice to inform them that they can be evicted if they do not pay the rent in the said amount of time.
When this time has passed, the landlord has now the right to start the process of eviction. This can lead to a definitive eviction and said tenant could be removed from the property pretty quickly. It is better to stick to the lease, if possible.