Landlords and Credit Reports

As most of you know as of January 1, 2007, credit bureaus now require landlords or businesses requesting credit reports must have an on-site inspection, a publicly listed business telephone number and a business license. In order to guarantee that you pass your inspection (these are usually 20 minutes or less), you should have a locked filing cabinet, shredder, locked desk, and have your computer password protected. If you have an office set up in a spare bedroom, it’s a good idea to have lock on the door. These inspections are painless and just might force you into a little housecleaning!

Receipt Requested

The reality of receipts for rent payment is pretty simple – typically a cancelled check will serve as your tenant’s rent receipt. If they pay cash (or request a receipt), then the landlord is required to provide a dated receipt showing amount received. And, of course, you all know that the receipt should be written from a carbon receipt book (I use a spiral bound carbon-less receipt notebook, that way I always know where to find copies of receipts if any questions arise) rather than on a cocktail napkin or toilet paper roll.

Renter’s Insurance

Jeeze, I feel like I’m in rerun mode…but, with the tropical storms and hurricanes swirling about, it’s probably time to re-emphasize the importance of renter’s insurance to your tenants. This may be a good time to include a note with their bill, receipt, or whatever method you use to discriminate info to your tenants. It’s cheap and covers loss from fire, theft, etc. And they can probably bundle their car insurance with their renter’s insurance for a discount.

Satellite dish installation

I don’t mind holes in the walls of my units nearly as much as I mind folks walking around on the roof boring holes and tearing up shingles to install satellite dish antennas. Granted, they are a lot smaller than used to be, but nevertheless there is someone climbing up on a ladder, schlepping equipment around on my roof!! So, tenants have to check with me for approval prior to installation – and approval means “the location” of said dish antenna. With cable deregulation, the maniacally controlling combination of landlord/property owner/HOA can no longer prohibit the installation of satellite dishes – however, they (errr we) can dictate where the dish is installed. And again, make sure this is included in your lease/rental agreement…for all the obvious reasons.

Roaches redux

Ahh yes, summer, a particular enticing time of year for our little creepy-friends. You really have to declare all-out war on these nasties, but whatever you do…DON’T nuke or spray ‘em! A colleague swears by Maxforce Gel and Maxforce Roach Traps, but says not to use any type of spray product because it repells the roaches rather than attracting them like Maxforce products…I have had good luck with Combat gel, but I’ve been lucky. The real trick is to make sure you eliminate their food source, take care of any dripping faucets (wood rot is a sure invitation for roaches, water bugs, silver fish, and major plumbing repairs), and get ‘em where they live…the stove, refrigerator, light fixtures, dishwasher, laundry room, etc. (See entry for April 11th - Lights, Scurry, Action). Any make sure that your tenants know what to look for and what to do.

Screening, screening, screening

Get the point? SCREEN your applicants. I can’t emphasize this point enough. Whether you have a SFH or a multi-family unit…it’s imperative that you screen your applicants before handing over the keys. How? Have a locally compliant, well- composed lease outlining expectations and requirements for your tenants – and follow your own requirements. Say what you do and do what you say – it’s your job…

Lease Renewal

Some of my tenants, especially my long-termers, prefer to have a lease rather than M2M – and I’m perfectly fine with that arrangement. I write up a lease addendum saying that the lease continues for another year at ____ rent and all other terms remain the same. Just make sure that you both sign the lease agreement. Certain states require that a new lead disclosure statement is signed and a copy of the pamphlet is provided to the tenants whenever there is a change in the lease/rental agreement. As most of you know, you can get a copy of the EPA Lead Disclosure  Pamphlet here http://www.epa.gov/lead/pubs/leadpdfe.pdf and the National Safety Council provides this http://www.nsc.org/issues/lead/leaddisclosure.htm abbreviated outline of requirements for rental units.

Smoke detectors…again and again

Smokedetectors…again and again.
Same subject, same problem.  How do keep the batteries in the smoke detectors? Duct-tape?  I’m thinking the only way to prevent tenants from stripping the batteries out of the smoke detectors is with generously applied two-part epoxy…although we have found that Marinetex is a wonderful, indestructible, stay-put alternative.  Of course, when the batteries do quit – you’ll have to replace the entire unit, because extracting the batteries from the epoxy is, frankly, impossible.  I’m looking for some suggestions…everything I’ve tried has failed!  Help!

Receipts

Whether you pay by check, money order, or cash – you can request a receipt. Typically when rent is paid by check, the cancelled check can serve as a receipt for payment. Most states require that a landlord offer a rent receipt. If you pay your rent in cash, ask for a receipt…it’s in everyone’s best interest. A receipt proves that the tenant paid the rent and that the landlord received the check.

Radon

Radon is an invisible and tasteless radioactive gas which is the naturally occurring by-product of decaying uranium and is found in soil and clay throughout the US as shown on this zone map (http://www.epa.gov/radon/zonemap.html). Radon is the second leading cause of lung cancer behind smoking causing between 7000 to 30,000 lung cancer deaths per year.

Landlords and tenants will find this pamphlet http://www.epa.gov/radon/pdfs/tenants_guide necessary to protect  property and family from radon gas. The testing is simple and inexpensive. Always check the test results before you buy a property or lease a rental unit.