Richard Davis - GET THE MOST MONEY FOR YOUR REAL ESTATE INVESTMENT

possible scenario; find out what is legal, find out your rights, and spell it out in the lease. For example, you might allow certain types of minor remodeling but would still require your permission. Be sure your tenants know they must ask for your permission first. This should be outlined in the lease. Of course, most rental property owners don’t and wouldn’t allow most types of remodeling, but you’d be surprised at what happens behind closed doors in between inspections!

8. Appliances

Don’t forget to stipulate which appliances are included in the property for use by your tenant. Note each model, make, colors, etc. Why get into specifics? Quite simply: It reduces disputes. Let’s imagine that a tenant moves in and you supply a washer without a dryer, so the tenant brings in their own dryer. But when they move out, they bring their dryer and your washer with them! Without this specific information included in your lease, you could go to court to dispute the matter, trying to get back your dryer or collecting on the security deposit — but it becomes a matter of your word against the tenant’s. Avoid this situation (and other similar ones) by listing and detailing each appliance you own, and which ones your tenants are allowed to use. You might even want to take pictures to protect yourself.

9. Smoking

A big issue between rental property owners and tenants is smoking. You need to get very specific about your rules about smoking, or your tenants could easily find loopholes and you could be left with smoking stains, lingering smoke scent, and

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