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A rental property can be an excellent investment in your future, giving you a stream of passive income and an asset that could potentially appreciate over the years. However, how you manage the property and interact with the tenants will have a major impact on your experience as a landlord and affect the profitability of your venture. Cheryl A Beverson, Attorney at Law, an experienced real estate attorney in Middletown, NY, shares some tips for maximizing the returns and reducing the headaches of owning rental property.

How to Be a Good Landlord

1. Screen Tenants Carefully

Renting out a home to a tenant means entrusting a stranger with one of your most valuable assets, so screen candidates carefully before signing a lease. Order a background check, check references, and verify that potential tenants have enough income to prevent most problems in the future.

2. Respond to Tenant Complaints

Finding a new tenant drives up costs, while vacancy cuts into your income, so you want to keep good tenants satisfied. Responding to repair or maintenance requests promptly and treating tenants with respect will reduce vacancy rates and the stress of being a landlord.

3. Have Contractors on Call

real estate attorneyEven if you’re handy and enjoy doing home repairs, hire licensed professionals to work on your valuable rental property. Experienced contractors will give the tenants confidence and give you recourse if something goes wrong later.

4. Cover Your Investments

Property owners are responsible for ensuring the safety of everyone on the premises, even if you weren’t there and didn’t know about any unsafe conditions. In addition to property insurance to cover the building, get enough liable insurance to protect your other assets from liability claims and lawsuits.

5. Talk to a Real Estate Attorney

Being a landlord means navigating a complex network of federal, state, and local laws designed to protect the rights of you and your tenants. A good real estate attorney will review your lease to make sure everything is legal and protects your interests, so you can avoid many problems before they start.

With over 20 years’ experience and an individualized approach to the legal system, Cheryl A Beverson, Attorney at Law provides high-quality counsel to landlords throughout Orange County. Whether you’re buying your first rental property or have been investing for years, this law firm offers the dedicated representation you need. Visit their website for a comprehensive look at their legal services. Call (845) 341-0008 to schedule a consultation with this real estate attorney.

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