Landlords who are new to the business can sometimes be naïve to the amount of things they need to know right off the bat. It’s not enough to have a great rental property ready for a tenant, or to have researched the market to figure out an appropriate amount to ask for in rent. There are rules and laws and inside information every new landlord should find out before getting that first lease signed.
Because you don’t know what you don’t know, we’ve made it easy by outlining the most important things a new landlord should research before beginning your business.
- Become very familiar with the state landlord-tenant laws in the state where your rental property is located.
- Read, internalize and follow the federal Fair Housing Act of 1968 and the federal Fair Housing Act Amendments Act of 1988, to make sure you’re not breaking any laws regarding discrimination when screening and accepting (or rejecting) prospective tenants.
- Research a reputable tenant screening service to carry out this most important part of your business. If you sign up with the first (or cheapest) fly-by-night screening service you find on the internet, chances are you’ll get what you pay for.
- Join and participate in the local landlord association where you are. You can make great contacts and get tips and insider info from this local resource.
- Check into the building codes for your neighborhood, as well as any neighborhood association laws and rules that your tenants (and you) might be expected to adhere to.
- Find a good lawyer who specializes in landlord-tenant law, and use that resource to check leases, eviction notices and any other legal documents or forms of communication between you and your tenant.
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