Proactive Investment property tips

(0) Prior to purchasing pull housing department, public record field cards, and building permit history, and housing court records. Read the files to see aoid or know in advance if your taking on prior owners problems. (1) Make sure all tenants are screened for prior credit, rental, housing cout, and fiancial history nationally. Get a written rent roll at time of purchase to see the status of all tenants rents including arrears, evictions, deposits, etc. (2) Make sure all tenants are listed on lease or tenant at will (TAW) agreement are in writing. (3) Make sure these written agreements include all required disclosures: property transfer/lead paint if built prior to 1978 with all required attachements, property condition report at time of move in or renewal of written TAW or lease. ALL agreements need to be signed by all adults over 18. (4) Clearly indicate boundaries of lease and storage areas and parking, restrictions and prohibited storage areas(example halls, yard, common area). (5) Make sure you understand state laws on first, last,& security deposits and lock change fees. If you plan to charge for other items such as water, pet deposits, renters insurance. Know your local laws. Make sure deposit interest is accured &/or returned to tenants per state law annually or transferred to new trustees acoounts at time of purchase/sale. (6) Spell out clearly trash requirements and storage. Storage containers by law may be required by law. (7) Verify eviction & move and store laws prior to needing them in your state. (8) Join a local home owners association to stay up to date on changes and how to hand issues in your owners association and for local advise from fellow investors. (9) Check you mail boxes monthly for names or occupants to avoid unnecessary tenant moving in or out surprises. (10) Post contact info for police or emergencies. If there is a neighborhood watch or officer assigned to the area introduce yourself to them to familiarize yourself with potential problems to avoid or to watch out for now or in the future.