When thinking about renting your mother in-law apartment, room or real estate property. You think, how hard can it be.??? To answer that question, VERY HARD. Ask a landlord about their rental unit, 4 out of 5 will advise to stay away from becoming a landlord. Unless you are willing to put in the time, effort and money.
Two out of five timeâ€™s carpet needs to be replaced after a 3 year lease. Walls need to be patched up, & painted yearly. You might have to call the cops to remove your renters because of nonpayment. Collecting rent can become a hassle & people can get shady. The biggest hassle of being a landlord is the move-out, when your renter moves out & you see the apartment, house or room for the first time in months. Some tenants are superb and returning their deposit is a piece of cake. Other tenants are nightmares, and it could cost you thousands if you were not smart about the renting contract.
The smart thing to do is have the renters check off on a move-in checklist, that the landlord has already checked off. This checklist should be rated on excellent conditions, good condition, fair condition and bad condition. The renters list & the landlords list should match for the most part. This list should help the landlord when it comes down to moving out.Â Landlords should always have your their renter sign a renting agreement.