David G. Brown - HOW TO REDUCE YOUR RISK IN REAL ESTATE INVESTING

yourself. This will give you a general overview of the situation.

Ideally, you should do a full-on walkthrough inspection of the entire home, including every room, about every six months. This will give you a clearer picture of the condition of your home as well as help you assess any issues or property damage.

Deal with Issues Immediately

If you have any issues with your current tenant or rental situation, the key is to deal with it immediately. Whether it’s non-payment of rent, maintenance issues, or property damage, the sooner you deal with it, the better. For example, if a tenant doesn’t pay rent or their utilities bills, call them right away and hash it out. Don’t wait, hoping that the issue will somehow resolve or “fix itself.” You’ll have to be confrontational to deal with these types of problems quickly, but that’s okay. Dealing with issues now — and fast — is always better for everyone involved. As you become a more experienced landlord, you’ll see more and more why this is so important. Address the issue head on, and you’ll see that the more quickly and aggressively you deal with any potential issue, the more likely the situation is going to be resolved in your favor. This will help make renting out your property a more pleasant and beneficial experience for everyone.

Evicting Tenants

The National Association of Independent Landlords tells the true story of a landlord leasing his apartment to a tenant who stopped paying rent soon after taking up residence. The landlord performed a check-up and inspection and suspected the non- paying tenant was also stealing appliances in addition to not paying rent. Of course, he called the police, but when they

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