We will actual start with 5 tips for New Landlords that were shared by rental owners with up to 50 years of landlording experience.
1) Treat landlording as a business and develop a system and set of written procedures for all steps in your rental process.
2. Get a good state-specific lease (LandlordRentalForms.com) and be sure your lease is clear regarding all expectations you have for your residents' responsibilities. (Many leases make too many assumptions of what is to be expected).
3 Believe in yourself, but do not believe anything put on the rental application. Verify it all.
4. Thoroughly screen your applicants. Along with running credit check (TenantCreditChecks.com), be sure to check eviction records and possible criminal background on all applicants.
5. Get the cooperation of your residents and start advertising and showing rentals BEFORE the lease is up.