Sunday, March 26, 2006

More Tips on Landlording and Leases

Do a rent survey to find out how much your place is really worth to a renter. You may have to ask Realtors, pretend to be a renter and walk through a few places to see what kind of shape and amenities they have, and of course, check the newspaper.
 
Always charge the maximum security deposit your state allows; in New Jersey it is 1 1/2 months rent.
 
Make sure that the amount of days the tenants have to notify you that they will be leaving is greater than the amount of the security deposit, otherwise they will tend to use that money as the last month's rent...then you have no money if there is damage after they move out.

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