New Landlord seeks advice

[The Dude]

What is the name of your state (only U.S. law)? TX

I am getting ready to buy a rental home. I want to be a good landlord and all, so any advice on any common missteps by rookie landlords would be appreciated.

 

[ecmst12]

Hire a lawyer to custom-draft a lease for you.

Read your state's landlord-tenant laws at least 5 times before seeing the lawyer, and be ready with a list of questions for him.

Do careful background checks on your tenants, and require them to carry renters insurance.

 

[Gail in Georgia]

Never, ever rent to relatives or friends.

Join (if possible) a local landord group.

Familiarize yourself with the necessary steps to evict someone in your state.

Hop on over to Welcome to MR LANDLORD for free rental forms, management software, real estate books and landlord advice to better manage and lease rental property. and follow the forum.

Gail

 

[Cvillecpm]

You should be posting your question(s) on the Q&A or MrLandlord - join the discussions and other knowledgable TX landlords will assist you!!!

 

[Andy0192]

Do careful background checks on your tenants, and require them to carry renters insurance.

Quoting for Truth. #1 problem I see new Landlord's making is renting to professional tenants who know the laws better than they do.

All the other advice given is accurate & should be followed. You can either buy a little experience & advice up front, or you'll end up paying much more for your education on the back end.

I know one rookie landlord who thought she didn't need to worry about anything, because her tenant paid her in cash, for a full year's rent, up front. 18 months later, the tenant had stayed an extra 6 months, and had ruined her house, and left town without a forwarding address. The rookie landlord never even took a credit app, or verified the tenant's identity.

There's a million horror stories. Do your best to make sure you don't become one.

Good luck!

 

[atomizer]

Keep in mind that you are the boss and don't worry about being liked.