Landlord links about tenant screening, owning out-of-state rentals for beginners, and lies new investors like to tell themselves are just a few topics you may find helpful.
Landlord links to help
See if these topics help you in your landlord and property management business.
This is pretty common sense stuff but important to review nonetheless.
Janet Portman writes, “You’re not the only one who can’t resist a quick Internet search on a person of interest — be that a prospective tenant, employee, or even a date. And there’s no disputing that often, you find information that’s not only relevant, but crucial.
“For example, imagine an applicant who tells you that he has lived and worked in the area for the past several years, but whose Facebook page says otherwise — you’d be justified in suspecting that this person is hiding an unsavory rental past and may be supplying you with bogus prior landlords.
“The problem with social media screening, however, is that you’re apt to come upon information that is not only not true, but if true, should have no bearing on your decision as to whether to rent to this person.” Read Janet’s full post here.
Admit it, you’ve told yourself the same lies!
Brandon Turner at Bigger Pockets writes, “While lying to yourself about nutrition might be bad – lying to yourself about your real estate investing might be even worse. As an investor, I know I’ve done this multiple times and I’m not proud of it. However, I’m slowly learning my lessons and learning that the best way to succeed is to tell the truth, the whole truth, and nothing but the truth when looking at a real estate investment.” Read his full post here.
Read this interesting commentary if you’re worried about making the leap into out of state ownership.
Paula Pant writes, “The short answer: It’s definitely do-able. But it may or may not be something you WANT to tackle. Plenty of people are successful out-of-state landlords. Plenty have also gotten burned by the process. It can turn out to be more difficult than anticipated.” Read her questions to consider before taking the leap into out-of-state landlording.
One option not often brought up about what to do with an underwater home is renting it out. Most of the time, homeowners hear the virtues of short-selling or offering their deed-in-lieu of foreclosure. But renting has some benefits (and drawbacks) that are worth knowing. Read more about the pros and cons from Haines and Krieger attorneys here.
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