Owning rental property, and obtaining income by receiving monthly rents can be quite lucrative, but it can also be a disaster if it's not handled properly.
Perform your due diligence PRIOR to offering a lease to your prospective tenants.
Most experienced Landlords will ask for a credit check, but how many search public records? Or have someone perform that type of search? What about a sex offender check? Have you ever thought about that possibility, and how it may stigmatize your multi-family home for other prospective occupants who may perform that check? As far as I know, sex offenders are not considered a "protected class", and neither are felons. Your initial application should aslways ask the uncomfortable question-"Have you ever been arrested, and if so, when, and why?"
Are there any hazardous materials in the home you are about to rent out where someone can become ill as a result of living there? Even if the home has been rented with no complaints, or concerns for many years,it does not mean that the home is toxic-free. Remember that tenants are a lot more "lit-happy"- or more amenable to filing a lawsuit than there ever were before, with scores of hungry attorneys looking to create a large case, and award. Try not to become case law.
One seemingly minor item? *a smoke detector*. If it is not working, and a fire occurs, you can be in big trouble- morally, ethically, and financially. Perform periodic checks, and write it down.
......and last but not least, do not discriminate. it is illegal to discriminate in Connecticut on the basis of race, color, creed, religion, national origin, ethnicity, ancestry, sex (gender), marital status, age, sexual orientation, learning diability, physical or mental handicap, disability, disorder or retardation, familial status and lawful source of income.
If you are in need of a Realtor to represent your best interests in leasing your property, whether it is a single family, luxury home, condominium or otherwise, please contact me. I will work hard to ensure you get the best tenant possible for your property. Contact me today
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The Featured Home of the Week is a 3 bedroom, 2 bath ranch home at 20 Hickory Drive, Westport for just $549,900. See the virtual tour HERE
.....or better yet, call Judy to schedule an appointment to see it!
Buying, Selling or Renting a Home in Fairfield County? Contact us!
If you have a question about buying, selling or renting Real Estate in Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy
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