Let's Talk About Rental Contracts

plus even if it did, ...for how long - just to make $200-300 month, MINUS damages, late or no payments and court and attorney fees for eviction that can take another 90 days WITHOUT any payments.

There ARE 'professional tenants' out there and they know more about the landlord/tenant rights and eviction process than most and WILL live free as much as possible.

I've owned sfh rentals in the past and had NO problems, but ALOT of REInvestors have nightmare stories to tell..

Screening will help, but, if the person on lease has 3-7 MORE ppl living there AND you catch them, they say "it's just some family staying for a few days".

It's just not my cup of tea anymore. I guess I got too old and don't have the patience or tolerance.

If you get some middle price range homes is better than war zones or lower rental prices.

Just some things to be aware of.

Best

I own 11 single family homes. I started investing in 1969, buying one home per year. I stopped buying rentals because eleven homes is all I can manage personally and keep my sanity. I still do an occasional "flipper" property. I've had one (yes, 1) eviction in all of my time as landlord. I ALWAYS require a 12 month lease, 45 day notice to move, and automatic renewals are for 12 months. My average tenancy is a little over 6 years. If someone has been with me for several years and needs to move before the end of the lease, I'm happy to oblige. Obviously I don't have much turn over.....
Comments from Roy and Mike above make me wonder how effective their reference, criminal and credit checks are. I have wonderful tenants who have to fight their way through a serious screening process to get in to one of my homes. The other comment that came to mind as I read their comments is that I buy rentals to rent, and flippers to flip. I expect my tenants to stay in "our" homes as we agreed, and they never should have to worry that I will be selling their home out from under them.

I have the same attitude as you.

Better.....Month to Month......this way the Landlord has the control and power over who goes, and who stays.......Thank You Mike, as always solid advise.........Great Topic Coach Roy

Regards,
Sharon

Hey Mary,
I really like your post and I know you are doing it the right way. Please tell us more about your screening process, including who you are using for your background checks.
Thanks for the help and good luck in your ventures.
Thomas

Month to month is the best way. What I have seen is that life happens to people and dynamics change.And sometimes you have to get bad tenants out. There are professional tenants out there but is you screen well you will avoid most of them.
I dont like selling home out from under me tenants either But sometimes it happen....this is a business.
Also back ground checks and credit checks are a must. If a potential tenant has a past eviction then it is an a NO! Remember everyone has a story just stick to the numbers, do they qualify? Do they have enough income? and Do they have good rental history?
things to think about............

Great tips, I will keep in mind. so far only one property as rental, it's doing well so far, and I notice about bad tenants, and everyone has the story about job, family, etc......It's interesting to listen but as Donna said it's business. So be nice also watch careful. it's not if mistake happened it's WHEN!!! Thanks for the education I learned a lot as person view in different side of world, be safe everyone, and always try to do the right thing, that way you able to found peace and sleep at night.

I am doing cleaning, fresh painting after tenant move from the property. How it works with month to month tenants?

Month to month lease is just a way of protecting yourself from a tenant in case of eviction.
Eviction can take 3 months after tenant has NOT paid for 2 or 3 months on year leases, and only 10-30 days on month to month.

As stated above, most will stay.

Rentals are great, but as stated above, Screening!!

I changing also but to 12 month or more for several reasons 1 I no longer give tenants total control, I need to view property 'inspect' on a regular basis. generally if I pester the slobs with paper work (10 day notices) they leave anyway. In Illinois we can qualify leaseholders for some tax reductions in SFH with paper work.

Thanks RoyVoeks for sharing this great post. Also appreciate everyone who in one way or the other shared his or her thoughts on this post.

Even though I don't own a rental property yet, reading this post has enriched and my knowledge. I already see myself acquiring rentals properties in Miami area in the next couple of months. (I'm already working towards my faith)...

I think tenant eviction varies from state to state, Am I correct? Please correct me if I'm wrong.. Thanks

Happy holidays folks and All the best investing..

Thanks everyone for the post of your experiences as a Land Lord. I am a new REI and as I get along the conversations, everyone is helping everyone to success. I am so glad I find good people helping people.

Thanks everyone! I know I will need your support for the beginning of my new journey.

I just found a property that is on sale for 130k and I am negotiating for 115k or 120k to fix it up a little and sell it for 150k. I do not know the MAO or ARV
at this time. Can anybody do the math as an example for me if it is a good deal or not?