There’s no doubt that owning rental properties is one of the best ways to build wealth but if you’re just getting started it can sometimes be tough. Thankfully, owning your first rentals doesn’t have to be tough especially if you follow these simple tips.
Tip #1 – Don’t Hesitate To Screen Your Tenants
Even though you may be tempted to go by instinct alone, you always want to screen potential tenants first because, it’s very easy to rent to “nice” people who might have something to hide.
When screening tenants make sure you check their: credit history, work history, current job references, personal references and background just to make sure that they will be the perfect renter for your income property.
Tip #2 – Write Everything Down
Although you might think you have a good relationship with your tenants the reality is that your relationship with them can go sour very quickly if you don’t get everything in writing regarding what happens with them as they live in your rental property.
Tip #3 – Be Professional With Security Deposits
Over the last 5 years many people who own income property in Modesto and across the United States have found themselves in “hot water” over the poor management of security deposits.
You should have a set policy regarding security deposits so your tenant can expect them to be collected, held and ultimately settled after your tenant moves out of your income property.
Get Property Management Here
For professional property management contact RPM Central Valley today by calling us at (209) 572-2222 or click here to connect with us online.