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We are buying a duplex....

The duplex also has an apartment in the back...all 3 are occupied for over 2 years...

What do I need to know to be a good landlord?
The owner now wont make them pay some months and is never in contact with them...I will not be like that

Answer Question
 
Lovin_mybaby5

Asked by Lovin_mybaby5 at 10:30 PM on May. 19, 2013 in Home & Garden

Level 18 (5,452 Credits)
Answers (8)
  • I'd probably start with an attorney. Ask for his advice, with well written contracts and go from there.....
    m-avi

    Answer by m-avi at 10:33 PM on May. 19, 2013

  • I'll leave this for the experts but the first thing I'd do, is meet your renters, do a walk through and take notes on all their complaints.
    Hopefully this will help you get started! Congratulations!
    PMSMom10

    Answer by PMSMom10 at 10:35 PM on May. 19, 2013

  • Thanks PMSMOM my dh and I have wanted to do this for awhile...next we want an apartment complex =)O
    Lovin_mybaby5

    Comment by Lovin_mybaby5 (original poster) at 10:37 PM on May. 19, 2013

  • I agree with m-avi and PMS. A thorough meeting with your attorney to find out what your rights and responsibilities are, what your tenants rights and responsibilities are and how to proceed.
    QuinnMae

    Answer by QuinnMae at 10:42 PM on May. 19, 2013

  • Your state should have a landlord-tenant handbook. I would read up on what is required from you. If they have a current lease, honor that until it is up and then make any necessary changes, however, inform them of the changes at least 2 months in advance. That way they can decide if they want to stay or move. Also, find out what the procedure is for eviction in your city. When they sign your new lease, make sure that you have something in there about if rent is more than 30 days (just an example) late then you will proceed with eviction. At some point you will need to find new renters and I suggest that you screen all renters to see if they have had prior evictions. You can do this by going to city hall or your city may have this info available online. Cont..

    JeremysMom

    Answer by JeremysMom at 10:45 PM on May. 19, 2013

  • Cont.. If you go on vacation, expect to be called because a heater is not working, there is a pipe leak, something broke, etc. It will happen, trust me. Good Luck! Being a landlord is not all peaches and cream. It's a hard job. Be prepared to put back what you have earned back into the rental. You will not likely see any profit (especially if you have a mortgage on this property) for the first year or so. 


     

    JeremysMom

    Answer by JeremysMom at 10:46 PM on May. 19, 2013

  • You need to get in contact with your local apartment association as laws vary by state and even city sometimes and they would be the best equipped to help you with your local laws. My husband and I own 18 units and my generic advice is meet the tenants NOW and get copies of all the leases and get them to fill out applications so you have copies of social security numbers, phone numbers etc as soon as you take over the building. Take those leases to a lawyer and find out what you can and cannot do, like raising rent etc right now. In the future you need to be VERY diligent about screening prospective tenants and one big red flag is a person who comes in and says I have cash right now and want to move, my credit is all good so you don't need to do a check. Legally you cannot do anything with the tenants including sending letters to inform them you are buying it or changing rent etc until you own it though. PM me if you like
    aeneva

    Answer by aeneva at 9:11 AM on May. 20, 2013

  • Alot of helpful information: www.landlord.com.
    .
    DivaNCali

    Answer by DivaNCali at 8:27 PM on May. 23, 2013

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