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How can I protect myself when renting a house to someone?

People make it seem like owning a rental is easy money. But what about people that don't pay? Squatters? Bad tenants? Or what if the tenant just leaves? How do I protect myself when owning a rental? I'm also worried about owning a rental and not getting a tenant. I could float the mortgage for a while, but not that long. I worry that this could ruin me financially rather than be beneficial. Any advice is appreciated.
Asked By Hannah | New Buffalo, MI | 209 views | Renting | 11 months ago
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Rising Star
15 Answers
Bob Fall

Century 21 Lee-Mac Realty

Great question. I manage several properties in Michigan; both residential and commercial. The 3 most important things about rental properties is, in this order; 1. screen the tenant 2. screen the tenant, 3. screen the tenant. The only way you can predict future performance is to analyze past behavior. Remove emotion from the equation. Consult an attorney to draft your lease agreement. Invoke the services of a local real estate professional who has experience in this area. Like anything worth doing, there is risk, but these risks can be mitigated.
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Novice
2 Answers
Elisa Bruno-Midili

McGrath Realty Inc

(64)

Not everyone is cut out to be a landlord. Protect yourself and vet the potential tenant. Get a good attorney for legal advice. Good tenants are hard to come by and in NY have more rights than landlords.

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