Did you know

that when you purchased your home in the mountains to use as a vacation home or to retire when the time was right, that now you have decide to sell, you can’t give it away.

Your investment just went down the drain. You have had it on the market for 2 years and no one wants to buy this beautiful home at $100,000 less than you paid for it. What can you do.

Recently, this has become the new reality for many homeowners. You can let the property sit empty. Deteriorate every month because no one is not living in it or you can become a “Landlord”.

At first, becoming a landlord seems like a daunting task. The current real estate market has put many people in a position where their home does not appraise for what is owed on the mortgage. A homeowner turned Landlord may be more knowledgeable about the property than the average investor.

You have managed your own household by cutting the grass, cleaning gutters, paying utilities, being a good neighbor has now found that you are managing a tenant. You know that will take excellent care of your property because you did, so why shouldn’t they do the same. WRONG

Tenants have good intentions to try to take care of the property but it is not their top priority. They have no incentive to do so. Dealing with tenants takes a certain type of person. If you a very nice person and allow others to get their way, turn your property over to a property manager who deals with tenants on a day to day basis.

Being a landlord is not difficult, you just have to be consistent. It is like raising children, if you give them an inch, they will take a mile. So be consistent on each of these items and you will be successful.

1.You need to be a person who can enforce the lease. If the lease says that rent is due

on the 1st of the month. Then you need to enforce this. Don’t let them pay late with

no late fee. If you allow this to happen then they will always be late. Why should they

pay on time, if you allow them to be late. Also, if you ever do go to court, this will be

held against you.

1. Have a policy on how repairs are to be handled. Do they call you at any time day or night? Do they email you the repair request? Repairs should be handled in a timely fashion. You need to handle repairs to protect your property.
2. Know the laws of you state and county. When is the rent considered late? In North Carolina you are required to give the tenant 5 days grace period. What are the laws about sexual offenders? What questions can you ask and not ask regarding handicapped people?
3. Have the tenant do a move in inspection. This must be documented. Have them list any damage before they move into the house.If it is not, you will regret it when they move out.
4. Do not give keys to tenants until proof of utilities are in their name. Did you know that if you have the utilities on in your name and they move in without changing to their name, you can NOT turn the utilities off.
5. Do not under any circumstance, do the move out inspection with the tenant. Do the inspection, using the inspection form the tenant filled out when they moved in. Once you have inspected, write or email them and give them a list of any problems.

1. If you have allowed dogs or cats to be in the home, do NOT return security deposit

until you are sure there are no fleas. This is usually 14-21 days after they have left.

Protect your investment by using these suggestions. You will be happy you did.