Now that we have touched on the rent payment, how you can become a landlord exactly, the tenant screening process, it is now time to finally get to the good stuff.  When you are a landlord, you need to make sure that you keep track of everything – seriously.  You want to make sure that you file away everything and keep every little piece of things.

The reason for this is because if you do have to go to court for any reason – you have the proof.  That is why PayYourRent.com is actually a fantastic site for it is not only for you to keep track of your tenants rent, but it also has a place for the tenant to request for you to repair something and you can fix it.

After it is fixed, it goes in the back log, which is an incredible resource to have.  So make sure that you check that out if you are considering becoming a landlord.

Now that you have your screening process in place, the next step is making sure that you come up with a binding contract.  This is something that you will want to get your lawyer involved with, as you want to make sure that everything is on the up and up between you and the tenant.  Most of the time – it is going to be simple, but you want to still have one.

If you do not come up with a contract, that is when problems could come in.  For example, if the tenant trashes your place and leaves it … you can’t exactly bring them to court to get some money because you did not have a binding agreement between the two of you.  That is why it is so important to get your lawyer involved.

Being a landlord is not easy, but it is something that you can do – in the next blog, we are going to talk about repairs and how you can keep track of them.