Good Morning Atlanta! Was out at 6am for a brisk 3.5 mile walk and ready to take on the world, are you?
I am always asked: “How difficult can it be managing a rental home in the Atlanta area?”
Not too difficult if…
1. You do not break any fair housing laws while looking for tenant prospects
2. You are consistent with your screening
3. You apply the same screening guidelines to everyone
4. You disclose lead based paint issues, if necessary
5. You do a move in inspection
6. You handle the security deposit correctly
7. Your tenant pays the rent on time
8. Nothing breaks in in your home
If you are still interested in trying it yourself, I have a few tips for you.
Tip # 1 – Create a screening profile and checklist of what you are looking for in a tenant and share it with your tenant applicants. This is important for two reasons.
1) Liability. It shows you are being consistent in your screening
2) You should only get applications from qualified tenants
An example of screening requirement would contain:
1) Income – must be 3 times the rent
2) Employment – must be employed in the same industry for the last two years
3) No Evictions
4) No Criminal history
Tip # 2 – Be Consistent with all applicants. Treat each applicant the same. Do not deviate from your screening requirements for one applicant because you have a good “gut feeling” about them.
Tip # 3 – Have all applicants over 18 complete an application. Include enough information on the application to make an informed decision.
Tip # 4 – Know the laws in your state. Read a copy of your states Landlord Tenant Law and understand how it affects you. If you live in Georgia, email me at: Richard@Renterspowerhouse.com and I will send you a copy of the Georgia Landlord Tenant Handbook.
Look for additional tips on becoming a landlord with the conclusion of my blog on Thursday.