Tips For Prospective Landlords

So you've taken the giant leap and purchased an apartment building as an investment. Congratulations! Now, there are many things you need to consider before ever taking on tenants. First, you need to decide how much to charge for each apartment. The best way to do this is to compare your property with apartments like it in your area. What you'll end up charging depends on your location, the condition of your apartments, the size, and whether or not you're furnishing utilities.

Most apartment landlords furnish water and sewer, so take that into consideration when pricing your apartments. After you've decided how much you're going to charge for your apartments, it's time to have them inspected. Make sure that everything is clean, sanitary, attractive and in perfect working order.

Now, it's time to run advertisements for tenants! A good inexpensive option is always the classifieds section of your local newspaper. You can also try the Internet, or you can work with a realtor. A realtor can be a valuable ally, and take care of things like advertising and showing the apartment. This saves you a lot of time and hassle.

Before you even begin to advertise for tenants though, make sure that you have a legally binding lease prepared. Your lease is very important, and should clearly state the rights of responsibilities of both you and your tenant. You'll need a lawyer to review your lease and make sure it's properly written.

If you are going to be personally showing the apartment and choosing the tenants, you need to know a few things. It's a good idea to run a credit check on all potential tenants, as this can give you an idea of the person's ability to pay rent on time each month. It's also crucial to check references and find out more about what kind of person someone is before renting them an apartment. The last thing you want is someone who never pays rent on time or makes life miserable for your other tenants with excessive noise.

Lots of books and websites are available that can educate you further on all the responsibilities of owning an apartment building. You can also find classes for real estate investors that teach you everything you need to know. It's good to be as informed as possible, because an educated landlord is often a successful one!

Copyright 2006 Rick Hart - All Rights Reserved

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