{"id":2082,"date":"2014-09-30T15:06:17","date_gmt":"2014-09-30T22:06:17","guid":{"rendered":"https:\/\/www.rentecdirect.com\/blog\/?p=2082"},"modified":"2016-12-27T15:10:32","modified_gmt":"2016-12-27T23:10:32","slug":"ready-set-rent","status":"publish","type":"post","link":"https:\/\/www.rentecdirect.com\/blog\/ready-set-rent\/","title":{"rendered":"Ready, Set, Rent"},"content":{"rendered":"<p><span class=\"blog_post_text\"><a href=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2014\/09\/business-peoplepg.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-3101\" src=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2014\/09\/business-peoplepg.jpg\" alt=\"business peoplepg\" width=\"242\" height=\"208\" \/><\/a>Having a good checklist is key to being prepared for all the ins and outs that come with being a landlord. Being a landlord is an ever evolving process with new laws always being put into place, court cases setting precedents, and new experiences to deal with. It makes being a landlord interesting and exciting sometimes but sometimes it can be very challenging as well. The checklist I created is one that I&#8217;ve been using since my first rental property over 10 years ago. The list has been added to over time as I learn how to be a better landlord through practice.<\/span><\/p>\n<p><strong>Lease<\/strong><strong>\u00a0Agreement:\u00a0<\/strong>Having a \u201cbullet proof\u201d\u00a0lease agreement is\u00a0one\u00a0the most important\u00a0documents that you need to have in place with all of your tenants. Make sure they understand and read the document or you can at least highlight the most important points to them personally. A strong lease will promote a good long lasting tenant=landlord relationship. One in which your tenants treat your property with care. As I&#8217;ve said before and I&#8217;ll say it again, this is a document that is worth paying a lawyer to review to make sure that you are abiding by all of the local laws.<\/p>\n<p><strong>Rental Application:\u00a0<\/strong>The\u00a0rental application\u00a0is where you\u00a0will gather\u00a0all\u00a0of\u00a0the information on the prospective tenant that you will need\u00a0to facilitate your decision making process. The application should have a section for employment, past residences with contact info for the previous landlords, the number of adults and children along with there age that will be residing on the property, pets (if applicable), and personal information for everyone over eighteen. Personal information should include; legal name and aliases, social security number, contact information, drivers license number, and date of birth. You will also need there signature consenting to a credit and criminal background check.<\/p>\n<p><strong>Rental\u00a0Criteria:\u00a0<\/strong>Having a set list of rental criteria is key to good decision making. Items that could be included in the criteria are;\u00a0credit score, income, employment history, evictions, criminal convictions,\u00a0pets , references, etc. Between the application and tenant screening reports you should be able to determine if the applicant is qualified and meets your criteria. Do your due diligence and check out your prospective tenants each and every time, don&#8217;t depend solely on your gut instinct or make exceptions to the criteria.<\/p>\n<p><span class=\"blog_post_text\"><strong>Tenant Screening:<\/strong>\u00a0It is important that you have an account setup with a reputable tenant screening company. I use\u00a0<a style=\"color: #006699;\" href=\"https:\/\/www.rentecdirect.com\/\" target=\"_blank\">Rentec Direct<\/a>\u00a0because they are affordable, easy to use, and the customer service is exceptional. If you wait until you have an applicant to setup an account with a tenant screening service you are wasting precious time. There are some fairly new regulations that require a site inspection at your office to verify that you&#8217;re equipped to properly store and dispose of sensitive data and records.<\/span><\/p>\n<p><span class=\"blog_post_text\"><strong>Separate\u00a0Bank Account:\u00a0<\/strong>Having a separate account to manage your rental properties is not only smart for tax purposes it&#8217;s also smart from a legal stand point. In the case of a lawsuit from a tenant it is much cleaner if your personal finances are not jumbled in with\u00a0your rental income\u00a0and expenses. This is not to say that a tenant can&#8217;t sue you personally but it does keep it separate\u00a0If you have an LLC with your properties named or have an umbrella insurance policy this provides some protection from\u00a0being personally responsible.<\/span><\/p>\n<p><span class=\"blog_post_text\"><strong>Business\u00a0Phone Line:\u00a0<\/strong>If you are hesitant to\u00a0give out your personal phone number\u00a0to your tenants it is probably best to have a business phone line. You&#8217;re probably thinking geez, that&#8217;s a big expense if you only have a few properties but there are call forwarding services that can be used for as little as $3 a month. Skype and Google Voice are two companies that will forward calls to your regular phone and save you from getting a completely separate line.<\/span><\/p>\n<p><span class=\"blog_post_text\"><strong>Post Office Box:\u00a0<\/strong>This is a non-negotiable as far as I&#8217;m concerned, I do not want my tenants to know where I live. It&#8217;s so easy to stop by the post office and get a PO Box setup where your tenants can send there rent checks or other correspondence.<\/span><\/p>\n<p>If you have any other items that you have on your checklist please share them, I&#8217;m always learning new things as a landlord and prefer to learn them in this scenario rather then a not so ideal situation.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Having a good checklist is key to being prepared for all the ins and outs that come with being a landlord. Being a landlord is an ever evolving process with new laws always being put into place, court cases setting precedents, and new experiences to deal with. It makes being a landlord interesting and exciting [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":true,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"iawp_total_views":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[275,37],"tags":[565],"class_list":["post-2082","post","type-post","status-publish","format-standard","hentry","category-education","category-off-topic","tag-rental-checklist","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ready, Set, Rent<\/title>\n<meta name=\"description\" content=\"Having a good checklist is key to being prepared for all the ins and outs that come with being a landlord. 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