Knowledge Is Key To Buying and Selling Real Estate

By Attorney Miriam L. Sumpter Richard

Date: November 15, 2005

LANDLORDS — LOOK BEFORE YOU LET!

What do I mean? Check out the tenant before you lease to them. This is not your primary home. This is a business, whose goal is to make a profit. Run it like a business. To assist you, here is a checklist for leasing to tenants:

(1)    Know your renter. Before you lease to a prospective tenant and renew a lease
        with an old tenant, run a background check. This means run a credit check, a
        criminal background check and now a sex offender check on every applicant.

(2)    Have a system in place to efficiently run the day-to-day anticipatory problems.
        For example, have a set person to overseas contractors, collect the rents, and
        a 24/7 handy man.

(3)    Finally, before you buy the rental property, calculate what the annual rent is
        that you can collect and compare that to the property value. Remember, out
        of the rent, you must pay the mortgage, make repairs, replace items, and
        maintain the property.

If the numbers do not add up, do not buy the property.

For More Information Contact:

Fresh Start Law Firm, Inc.
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Tampa, Florida 33602

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