Becoming a landlord can be a great choice, if you want to generate wealth. Investment home purchases continue to rise, according to the National Association of Realtors.
It is important to remember this can be a lucrative as long as you cover all your bases. You need the right tools and guidance. Your goal is to be a confident and professional landlord.
By working with an attorney, you can confidently start the application process while appreciating the importance of getting to know your applicants through credit, criminal background and eviction reports. It is very important to have a signed lease or rental agreement (they mean the same thing, at least in legal terminology) for each rental.
Your attorney will customize a lease tailored just for your property including state-specific disclosures.
In Tennessee, the typical clauses in a lease include the amount of rent and when it becomes due as well as late fees, details regarding the security deposit, pet policy, subleasing options, lease renewal terms and who is responsible for maintenance.For more details, call Jeff Wolford at Wolford & Robinson for a consultation. (www.wolfordlawpartners.com)