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Monday, October 19, 2009

Tips For Land Owners

By Layla Vanderbilt

Nobody desires to pay out money- The fact remains that being a land owner you purchased the property to earn! But here are a few pointers to spending money at the correct place which would definitely save you a lot of money in the future.

1. Landscaping: It is worth spending money on landscaping. The expenses would include costs for the property water bill and the landscaper. Even though your tenant would be greatly excited with a well kept yard, but the reality is that he would hardly put in any efforts to maintain it. You could act in a wise manner and install the reasonably priced sprinklers and leave it up to the gardeners to take care of it.

By contrast this may come off as really obvious, but you simply cannot get by in today's market as a landlord without ads. If no one knows you've got property for rent, no one's going to be knocking on your door asking for the privilege of paying you. A simple sign on the lawn noting that you're renting will help if you live in a busy area, but if you're a little off the beaten path you'll want something more assertive. If you're in the latter situation, the internet comes highly recommended. While newspapers are slowly dying and have expensive asking prices for ads, the internet is only becoming more popular and ads on it are often very cheap and affordable.

When those prospective tenants finally find you, they're going to want to deal with a company; something that looks professional and trustworthy rather than just a single person who may or may not be competent! A small investment can net you an 800 number and a P.O. box, giving yourself both a separate place for tenants to contact you and professional looking contact info. This carries the added benefit of privacy, preventing your tenants from knowing where you live, or getting their calls on your cell phone at all hours! You must be sure to keep boundaries set. Your tenants can tend to feel entitled, and if they do develop such attitudes, let it all go to your alternate contacts. In this manner you can keep your life separate and not be enslaved.

4. Lease Agreement: You must spend the amount that is needed to prepare a legally sound and accurate lease contract. Even though you may purchase a legal agreement from an office supply but such an agreement would be very common and would not include the legal clauses that would protect you in worst cases. Each state has different set of laws and if you are not aware of them then it is always a better option to look for a place from where you could prepare a sound legal contract.

5. 3-Day Notices: You should take active measures without any fear against the tenants who do not pay rent in a timely manner. If you are prompt enough to send him a 3-Day notice to pay or vacate the very first time he is late in paying rent, you can guarantee that he would never be late again.

In the worst case situation, if you have to evict a person from your property, by keeping to the above you'll have the process ticking in accurate order like clockwork. Remember, the sooner you get a non-profitable tenant out, the sooner you can get a profitable one in to replace him. There's no need to be rude about it, but you should be firm and unyielding, if respectful and professional. Invest in all these things, and you'll come out ahead in the game. - 23212

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