Are you thinking of becoming a landlord and earn passive income by collecting monthly rentals from your tenants? When it comes to real estate investing, you can make money by either selling it at a higher price or renting it out.
If you have invested in a residential property, the next logical step is to find suitable tenants to rent units from you. To market your residential property is not as hard as you think. You can place ads in newspaper, shopping centres, and bus stops. Another way is to organize an open house for potential tenants to view the units.
Why do so many people want to become landlords? It is because the best benefit of being a landlord is that you will be able to earn passive income while still holding ownership over your residential property. This is an ideal position that most investors want to get into. However, although it may sound great, there can be problems too. When you are leasing out your property, you may meet unreasonable and bad tenants that skip payments or damage your property during their stays. When you are dealing with these kinds of tenants, it is best to kick them out as soon as possible to reduce the damage. It is very frustrating to deal with these tenants as you will have to spend money on repair and lose out the profits that would have been earned while you find other tenants.
Therefore, to prevent yourself from dealing with bad tenants, the first thing that you must do is to screen them thoroughly. Ask them to fill up application forms so that you will have the necessary information to do a background check on them. You should also evaluate their ability to pay so as to make sure that they will not skip any payments.
Once you have found the right tenant, you need to draft out a form to protect yourself legally. This legal form is to lay out any terms and obligations you provide to the tenant or that you want your tenant to follow. You should also include the penalty for any damage done during his or her stay.
With this legal form, you are now legally protected from any disputes that often occur between you and your tenants. With the terms and conditions stated very clearly in black and white, either party is clear of the consequences if any one of the terms is not met. It is always best to clear up any question before signing of contract with your tenant.
Related Articles
How To Sell Your Property Within 2 Weeks?
By: Cheow Yu Yuan | 31/05/2008 | Real Estate
Today, the demand for property is hot and there are countless of properties put up for sale every single day. However, one of the biggest hassles that property sellers experienced is how long it will take for them to sell their houses...
Property Listings - Using the Internet or Newspaper
By: Cheow Yu Yuan | 17/03/2008 | Marketing
Are you kicking out with frustration of not able to locate the right property to buy as a home for living or to invest in? If you want to successfully locate your ideal property, Internet and newspaper are 2 popular and effective ways to getting property listings...
Property for Sale and Rent - All About Property Agents
By: Cheow Yu Yuan | 19/03/2008 | Real Estate
Property agents are professionals who help in connecting buyers to sellers in the property industry. Some of the property agents also do link up tenants to landlords for property rental...
Buying Properties - Great Tips For You When Choosing Your First Home To Live In
By: Cheow Yu Yuan | 19/05/2008 | Real Estate
To choose your first home which you will feel comfortable living in, you need to do the necessary research on your side. You should always search for your home early so that you will not be rushed into any impulse buying decision by any agent. Let me share with you some tips when you are looking to buy your first home...
How To Sell Your Property Quickly?
By: Cheow Yu Yuan | 31/05/2008 | Real Estate
Are you trying to sell your home? Today, the real estate market has become very active again. So if you want to sell your property successfully, you need to get back to the fundamentals. Let us discuss the fundamentals that a property seller must have...
Buying Property in Spain
By: Ken Jones | 07/03/2006 | Finance
Why is Spain Europe's most popular country for the purchase of a foreign property. A look at the types of property available. The estate agent, the solicitor and making an offer to buy. Spanish paperwork and how to get somebody else to do it.
Buy or Renovate – (part One)
By: Amos Grham | 18/10/2007 | Real Estate
Buy or Renovate? This will probably help you make the right choice!!!!
So, you have lived in the same house for twenty-five years. It has always been a cozy home with a warm ambiance. The children have gone their own ways and now it’s only you and your wife. You have been talking about buying a new house or unit; downsizing they call it – but your home has only three bedrooms and is very modest by comparison to many. Besides you like the area and what about your friends?
Tips to Buying a Property in South Africa - Read This Before you Buy your Property
By: Mark Bellinger | 10/08/2007 | Real Estate
Buying your house or property will probably be the biggest purchase you will make during your lifetime and it is necessary to avoid the pitfalls when making a property purchase..
You will agree therefore, that it is important to make sure that all things are considered to ensure that your property purchase is secure in all of the following aspects...
Got a Question? Ask.
Ask the community a question about this article:
Frequently Asked Questions
Having oppurtunities..still unemployment?
By: anubha_verma | 15-01-2008
if there are so many oppurtunities in india itself then why the people are still unemployed especially the architect graduates and civil engineers too?
Law
By: jayanitin | 28-10-2007
My mother is selling her property i.e. house, we r 3 brothers and 4 sister,1of my brother is expired?the wife of my expired brother has left home and doesnt want to keep contact with anybody is she eligible to get her share in my mothres property,...plz i need suggesions
Q&A Powered by:
More from Cheow Yu Yuan
SEO - How To SEO Your Website
By: Cheow Yu Yuan | 27/08/2008 | SEO
SEO or Search Engine Optimization is the process of building a website that is technically suitable for search engines to read and index it. With a website that is technically suitable for indexing, it will rank higher on search engine result pages for target keywords or key phrases that you are optimizing for.
SEO - Top 5 Ways To Get Back Links
By: Cheow Yu Yuan | 27/08/2008 | SEO
To get high natural search results on search engines like Google and Yahoo, getting back links to your website is something that you cannot afford not to do. Although there are a lot of people that use SEO black hat strategies to obtain many back links, search engines nowadays can easily detect those folks. To get back links, you do not need to use any black hat strategies at all.
SEO - 5 Tips To Get Your Website Indexed By Search Engines
By: Cheow Yu Yuan | 21/08/2008 | SEO
In order to rank high on search engines, first of all you need to allow search engines to find your website. Search engines use a program known as Spiders to locate new website. When spiders find your website, they will indexed your site and store it in their databases. However, for newer sites, sometimes it is hard to get indexed by them...
SEO - How To Calculate Conversions For SEO
By: Cheow Yu Yuan | 21/08/2008 | SEO
SEO, also known as Search Engine Optimization is the process of getting your website to rank well on the natural listings of search engines such as Google and Yahoo.
SEO Success - Why Having One Way Backlinks Is The Way To SEO Success
By: Cheow Yu Yuan | 07/08/2008 | SEO
To achieve success in SEO, one of the most important aspects is to establish good link popularity for your website by getting more backlinks. Getting backlinks can be a very tedious process but it can be rewarding for your business in the long run.
SEO - How To Get Your Website Listed On Search Engines With SEO
By: Cheow Yu Yuan | 07/08/2008 | SEO
Nowadays, people are looking to use the Internet to market their businesses and generate more leads and sales online. However, to market your website successfully on the Internet, you need to get it listed on search engines. How to do it? You can implement SEO to your website...
SEO Success - How Do You Measure The Success Of Your SEO Effort
By: Cheow Yu Yuan | 31/07/2008 | SEO
In Singapore, many companies still measure the success of their SEO effort by looking at the ranking of their main keywords. The search engine optimization industry in Singapore is still at its infancy stage and this explains why companies are still hanging on to the idea of keyword rankings for SEO.
SEO Success - SEO Is Not About Keyword Ranking but Keyword Theme
By: Cheow Yu Yuan | 26/07/2008 | SEO
SEO or search engine optimization is used to help businesses to get more organic traffic online and increase conversion for their products or services. When you optimize a website, the success or failure of your optimization is not solely dependent on the rankings of a few general keywords. It is determined by the overall organic traffic and conversion.
Finance 
