COMMON MI$TAKES DIY Landlords Do THINKING they are $AVING $$$$$

As many homeowners are having to leave their UNsold homes for better job or education, they are attempting to $ave money by becoming DIY landlords.

These are COMMON and CO$TLY Mistakes They Make!

1.  Renting to the FIRST applicants or prospects who call on their ad or sign.  

They breathe a sigh of relief that they have GREAT tenants from their FIRST showing. This is going to be EASY they think.

2.  Calling their applicants CURRENT landlord and ignoring the NEXT to LAST landlord.  

The CURRENT landlord may well want to get rid of the applicants OR the landlord reference provided is a friend or family member.  Calling the NEXT to LAST landlord for their reference is KEY to getting a VALID past landlord reference.

3.  Getting a GENERIC lease form from a stationary store, the internet OR a local real estate agent.

In Virginia, if they use a Realtor provided lease, they are opting UNDER a very onerous landlord-tenant code that allows their tenant to withhold rent AND obligates them to pay interest on the security deposit.  

4.  Failing to get GOOD photographs of the property when it is VACANT....inside and outside.

Keeping on the date stamp, only having fuzzy or cel phone photos really effects future marketing efforts AND documentation as to the condition of the property at move in.

5.  Failing to get move-in condition documentation.  

In VA, this can be done IN PERSON or within 5 days by the resident and submitted to the landlord.  If there is no inspection/condition report on file, the premises is considered in good condition.

6.  Failing to provide Federal, State and LOCAL mandated disclosures to residents.

Lead, Mold, Aircraft Overfly Zones.....are but a few of the disclosures that landlords MUST provide to their residents and NOT knowing is no EXCUSE in a court of law.

7.  Failing to retain a FULL SET of property keys 

Having a full set of keys "locally" helps when there is an emergency or when repairs and maintenance issues arise.  Having keys when you are 3,000 away is like NOT having keys.

8.  Failing to have repair and service personnel in place for maintenance  isses that may arise at the property.

A handy brother-in-law may be sufficient until he does not show up  and the toilet is overflowing.  Having a list of local service providers is a MUST and ones who will take credit cards are also IMPORTANT.

9.  Failing to set communication boundaries with their residents.

Getting an e-mail at 10:30P on Saturday night is much better than getting a voicemail about a mundane issue.  Requesting that residents communicate via e-mail EXCEPT in the case of an EMERGENCY * Fire * Flood * Blood * allows for discussion of the issue and investigation with service providers so that when there is communication with residents there are answers as to the timing of the resolution.

10. Thinking that they can keep the tenant's security deposit for normal wear and tear.

Most state laws are very specific on what items can the deducted from a tenant's security deposit....NORMAL wear and tear is not allowed so outlining the specific requirements for cleaning and vacating the property should not be left up to chance.

In the age of the internet, there are some great resources for the DIY landlord and some REALLY BAD sites if the search parameters are just a little off.  

...so DIY landlords without the resources and correct information on their duties and responsibilities may end up paying MORE in the long run!