Zack Childress Real Estate Guidelines on Land Lordship

zack childress real estate guidelines on land lordship

 

Zack childress once you have become landlord, there are certain things that you need to know and follow. There are certain perks and peril that you need to know before you do anything.

  1. Fundamental steps
  2. Make it legal
  3. Rent collection
  4. Taxable income
  5. Maintenance
  6. Common areas
  7. Décor
  8. Law and regulations
  9. Vacating
  10. Long term tenants
  11. Security deposit
  12. First time landlord
  13. Screening process

Fundamental steps

With good amount of saving, choose the right property at the right location and become a landlord.

Make it legal

You cannot rent out a space just like that, you need to get approval from the government and other legal procedures are to be carried out. Insurance has to be applied for all the units in a household. Later you cannot claim if any damage happens.

Rent collection

Know the method to collect your rent. Fix up the deadline date and mode of payment.

Taxable income

You must provide receipts to your tenants and file tax returns, so entire rental income doesn’t come to your pocket. You need to pay appropriate amount of tax at regular intervals.

Maintenance

You need to be aware that yearly once or bi-yearly you need to spend on repair work. Appliance repairs, home maintenance are part of landlord life. Allocate funds for such expenses.

Common areas

There are some common areas and things in housing, like parking, elevator. These must be taken utmost care and all expenses spent on these things should be shared by both tenants and owners. You can enhance in whatever way you feel to ensure privacy and safety.

Décor

Don’t spend much on décor as it is waste of money and ensure all amenities are provided.

Law and regulations

As a landlord you must be aware of all the rules, regulations and laws. There may be amendments from time to time. So the landlord should keep him/herself updated.

Vacating

The landlord must inform in prior if the tenants have to vacate the place. 2 months prior notice can be given before lease ends. You need to paint the walls and make necessary home improvements before the new tenant enters.

Long term tenants

You can build good rapport as well as it is cheap on longer run.

Security deposit

You should keep yourself informed about the first and last month payment amount of the tenant, the tenant should pay the security deposit to the landlord which would be repaid at the time of tenant vacating the place. The security deposit is used for repairs and maintenance purpose; it is used when unexpected damage or repair takes place.

First time landlord

You can take help of the real estate agent/ realtor /property managers in assessing the tenants, though you need to pay them, you can get good tenants.

Screening process

Before the tenants occupy, selection of tenant takes place by screening process. This is done to get to know about the background information of your tenant. Depending on which you can choose the reasonable tenant.

Beware and not bargain, there are many types of scam going around. Scammers may approach you in form of tenants and betray you. Investigate properly before letting anyone in.

To know more about land lordship, investors can check out Zack Childress quick REI cash system.

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Zack Childress Real Estate Guidelines on Land Lordship
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Zack Childress Real Estate Guidelines on Land Lordship
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Zack childress real estate Once you have become landlord, there are certain things that you need to know and follow. There are certain perks and peril that
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