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Hi, my name is Ann and I am here to talk to you about how to be a landlord. The first thing that you will have to do is know the rules. Be sure to understand the fair housing act and know what your responsibilities are as well as the tenants.
If you have leases already in place, we can assume that you have worked at finding a good rent and that you have communicated well with your tenants and that you have a good lease. Be sure to list what your expectations are and start a summary sheet. Write down every month, whether the rent is paid on time or is the rent has been late.
Be sure to observe the golden rule whenever possible and treat your tenants as you yourself would like to be treated. On the other hand, you must be firm. Landlords that fail are once that go for soft stories and allow tenants to become behind in rent month after month. This cannot happen.
If you do not have the right temperament, if you have hard time reading people or you have a hard time being firm, do get a management company to handle your property for you. Write everything down keep your list because unfortunately, if you do end up going to court, you are going to have a paper trail of exactly what has happened in terms of your tenants and your leases. So remember good communication is the key to everything in life including being a good landlord.
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