What's your best advice for being a successful landlord?

My husband and I have been landlords for about a year and it hasn't been going so well. I'm looking for some basic advice, some rules and suggestions.


Thanks.What's your best advice for being a successful landlord?
Keep up the maintenance and be firm about the due dates of the rent. Be fair and make sure to check credit and references on each of your tenants ...








Good Luck!What's your best advice for being a successful landlord?
Be sure they sign their lease, be sure you get your deposits, and be nice but not too friendly or some will try and take advantage.
Be honest, be willing to help and be strict. Have everything written in black-and-white to protect yourself but meanwhile be a little flex. Look at situations from a 3rd parties' perspective before jumping-into actions.
Don't rent to people with bad credit.





Don't rent to drug users.





Don't rent to anyone who complains a lot about their previous landlord.





Look for people that keep their car very clean, they are more likely to take care of their home then a slob.





ALWAYS call previous landlords.





Ask ';are you related?'; from any referance. Referances from Mom or their best friend really don't count.
Take care of your tenants as long as they take care of you. But evict quickly when necessary. It was my policy to check credit reports and prior evictions; an eviction was unconditionally disqualifying.
You might consider a property manager that can take care of all aspects of being a land lord. In my region it costs about 5-10% of a rental units revenue, but its definately worth it. It allows you to focus on looking for your next rental unit to purchase.
It's not personal, it's business.





I am not a landlord, because it is too easy for me to form personal relationships, then people think we are ';friends'; and they can take liberties.





It is OK to be friendly, but not friends.





Have a contract and make your residents abide to it. Don't take it personally, when they don't pay or whatever the non-compliance, refer to the terms of the contract, refer to the contract, refer to the contract. Again, refer to the contract. They entered into it, and as long as you let them know that you are holding to the terms of it.





Background checks can be inexpensive, don't do the online ones that are a rip-off, find a reputable service in your area that does them, here it is about $50. Make the potential tenants pay this when they apply for your rentals. Be sure to ask for rental references. If they think there are going to be problems, most likely they will not return the application.