When choosing who your tenants will be, you should be very picky. Conduct a background and credit check and make sure their employment and financial statuses are stable. In the end it is better to take longer to find a good tenant than to have to evict a bad one.
Once you have a tenant, don’t try to make a friend out of him or her. This is a business relationship. If you go shopping or golfing with them every Saturday, how will you feel if the rent payment is late and you have to post a notice on the door? If the payment is late, you should take immediate action. Don’t get in the bad habit of accepting excuses.
A good landlord responds right away to the tenant’s request for repairs and maintenance. Save all of your receipts. These expenses can help offset the rent you receive on your taxes.
Entering and exiting leases can be intimidating for beginners, so don’t be afraid to seek help from a real estate professional.