Real Estate Community Forum

As a new landlord, I realize there will be several mistakes I will encounter with my tenants. I'm sure there are many of you out there who are already landlords and can offer some advice. What advice would you give and what mistakes have you made in the past? What would you do differently?

One of the top mistakes is not doing monthly inspections of the rental property. You will be amazed at how tenants can destroy your property!

I had a beautiful three bedroom property for rent. When the tenants left, I was shocked at the damage and mess they left behind. They never cleaned! Grease was all over the kitchen floor and counter top, and the odor was horrible! How can people live like this? I had to spend time cleaning the place and rent a dumpster to throw out the torn furniture they left behind, rip out the carpet, and clean all the kitchen cabinets. I never want to go through this again!

Another mistake is asking for too much money for your apartment. Of course, we all want to get top dollar for our investment, but the more money you ask, your tenant will expect more form you. By this I mean, rather than a simple kitchen with a stove and frig, a tenant who is paying a considerable amount for rent will want top of the line appliances that are new and modern. This what your tenants will expect from you. If you don't present an apartment to this magnitude, then chances are you will have a difficult time finding someone to pay the rent.

Some of the top mistakes made by landlord are:

1. Using Generic or Outdated Lease Forms
2. Asking the Wrong Questions During Applicant Screening
3. Setting Policies that Discriminate Against Families
4. Making Promises That You Don't Deliver On
5. Charging Excessive Late Fees
6. Violating Tenants' Rights to Privacy
7. Using Security Deposits for the Wrong Projects
8. Ignoring Dangerous Conditions In and Around the Rental
9. Keeping Security Deposits When Tenants Break a Lease
10. Failing to Return Security Deposits According to Law