20 Landlord Tips for Newbies

20 Tips I've accumulated over the years

1. Never call yourself a Landlord or Owner - you are a Property Manager
2. Get a PO Box and never disclose your home address
3. Allow up to 2 hours for paperwork before a tenant moves in
   
4. The quality of your property determines the quality of your tenants!
5. Use a competent real estate attorney
6. Document messages you receive from tenants (voicemail, etc.)
7. Use a specific key for vacant units - and only vacant units
8. Use cell camera to snap photo of driver license or applicant
9. Always dial *82 before calling tenants
10. Never give tenants your cell phone number
11. Before processing the application make a copy and mark it 'original', and the other 'Copy'
12. Document the Date & Time that the form was submitted
13. Send a bill on the 20th for next month's rent
14. Use the postmark date on the envelope to determine 'lateness'
15. Offer day shift officer $50/week to park his police car in property parking lot
16. Charge tenants $25 for missed repair appointments
17. Review insurance rates every 2-3 years.
18. Pay tenants referral fee if they find a new (qualified) tenant
19. Use dedicated bank accounts for your real estate activity
20. Use the Equal Opportunity Housing logo on all forms (http://www.rrv.net/usarealty/hud%20logo.gif)

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A good article on MSN about Home Accelerator Loans. You could pay off your 30-year mortgage in less than half the time - legitimately, with out spending more per month. You may have seen the ads for UFirst and such....

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