If you have been giving thought to purchasing a residential rental property in Missouri, you might at times feel overwhelmed at all you would need to know. The benefits of being a landlord include the financial gain you may experience and some flexibility in your schedule, especially if this could become your primary source of income. Some of your concerns, however, may weigh on you such as what you would need to do if a tenant failed to pay their rent.
Forbes recommends that anyone considering renting a residential property educate themselves about local and state landlord and tenant laws. It is important to know what you can and cannot do so that you do not inadvertently violate a statute and end up costing yourself a lot of money and trouble in the end. Laws cover everything from how to evict a non-paying tenant to when or why you may enter the premises when a tenant is occupying it.
Screening potential tenants should be done thoroughly and consistently. You should avoid the temptation to rent to someone simply because they seem nice. Collect your facts ranging from past landlord recommendations to credit scores and more. From the initial application, maintain well-organized documentation including lease agreements, forms noting the condition of the unit and all communications with the tenant.
If you would like to learn more about what may be involved in becoming a landlord, please feel free to visit the first-timer’s residential renting page of our Missouri real estate and landlord’s information website.