Real Estate Tenants - “Once You’ve Made The Rules Crystal Clear… Stick To Them!”
Let your tenants know that you are serious about your investments, and that you follow your policies strictly. As long as they follow the rules, the two of you will have a good relationship.
If they don’t, you must swiftly take action to protect your investment.
(Please note: Landlord-tenant laws vary widely from area to area. Before implementing any rules, make sure that you are not violating any local or state laws).
Be very clear that rent is due on the 1st of the month, and if it’s not in your hands by the 5th, you will immediately start eviction proceedings.
No matter how tempting, do not ever accept partial rent payments, as you may have to start the entire eviction process over and it sets a bad precedent.
There should be a $20 per day late fee after the 5th. There is a $30 charge for a returned check, and once they bounce a check they must pay with money orders or a cashier’s check from then on.
Do not allow them to sub-let the house. Put a limit on how many people can occupy the house (i.e. 2 adults and 2 children).
They pay for any legal fees incurred in your having to go to court to enforce the agreement. It is best not to allow pets, and put this in writing. If you do allow them, state how many, what type, and get a bigger security deposit.
Smoking should not be allowed in the house – PERIOD! It’s just not worth it. It stinks up the house, turns the walls brown, soaks into everything, causes bum holes on the carpet and burn marks on the counters and sinks… not to mention the risk of burning the whole place down!
The tenant should be responsible for any repairs under $50 or so. You don’t want the tenant to call you for every silly little repair. On the other hand, don’t set this amount too high or the tenant will simply ignore the necessary repairs and let the house slowly go downhill.
I know this stuff sounds pretty “hard nosed,” but if you are trying to build a business, you have to protect yourself. I believe in charity and giving, but do it in the appropriate place and don’t make your business suffer because of it. Treat your tenants with respect and honor and expect the same from them… this is a business relationship, not a friendship.
I hope you honor me with the opportunity to help you become a powerful real estate investor by joining my coaching program, but to be honest with you, how you get there is irrelevant… it is that you get there that matters.
To never let tenants destroy your business click here – real estate course
If they don’t, you must swiftly take action to protect your investment.
(Please note: Landlord-tenant laws vary widely from area to area. Before implementing any rules, make sure that you are not violating any local or state laws).
Be very clear that rent is due on the 1st of the month, and if it’s not in your hands by the 5th, you will immediately start eviction proceedings.
No matter how tempting, do not ever accept partial rent payments, as you may have to start the entire eviction process over and it sets a bad precedent.
There should be a $20 per day late fee after the 5th. There is a $30 charge for a returned check, and once they bounce a check they must pay with money orders or a cashier’s check from then on.
Do not allow them to sub-let the house. Put a limit on how many people can occupy the house (i.e. 2 adults and 2 children).
They pay for any legal fees incurred in your having to go to court to enforce the agreement. It is best not to allow pets, and put this in writing. If you do allow them, state how many, what type, and get a bigger security deposit.
Smoking should not be allowed in the house – PERIOD! It’s just not worth it. It stinks up the house, turns the walls brown, soaks into everything, causes bum holes on the carpet and burn marks on the counters and sinks… not to mention the risk of burning the whole place down!
The tenant should be responsible for any repairs under $50 or so. You don’t want the tenant to call you for every silly little repair. On the other hand, don’t set this amount too high or the tenant will simply ignore the necessary repairs and let the house slowly go downhill.
I know this stuff sounds pretty “hard nosed,” but if you are trying to build a business, you have to protect yourself. I believe in charity and giving, but do it in the appropriate place and don’t make your business suffer because of it. Treat your tenants with respect and honor and expect the same from them… this is a business relationship, not a friendship.
I hope you honor me with the opportunity to help you become a powerful real estate investor by joining my coaching program, but to be honest with you, how you get there is irrelevant… it is that you get there that matters.
To never let tenants destroy your business click here – real estate course
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