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| VERY bad idea Indy. Very bad.
If I didn't have 4 houses on my farm, I wouldn't even consider being a landlord.
Here are a few suggestions I might make if you plan to manage it yourself:
Call the previous landlord. If possible visit their current residence.
Get one month’s rent up front as a deposit. If they balk, tell them thanks but no thanks.
If possible, remove all the appliances and make the renter supply those. Tenants go through washers and dryers like crazy. Make them own their own stupidity.
Make them fill out a credit application with references.
NO PETS!!!!
A late fee that is enforced is a must. Charge interest on late payments.
Get a legal rental agreement signed by both parties. Get a notary to sign it as well.
9 times out of 10 renters never get their deposit back...and the deposit is NEVER enough to cover damages. Have a damages clause in the contract.
Take a little less rent for the right renter. I prefer Hispanics (Guatemalans in particular) tenants. Sorry to stereotype, but that's the real world "here."
Be stern with your expectations up front even if you come off as a posterior apparatus.
BTW, I think it's foolish to voluntarily enter into such ventures FWIW. I could write a book on bad tenants.
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Rental property
