BP's How to Be A Landlord: Top Ten Tips for Success, states to Create a Policy & Stick to it.
Does anyone know where I can get a generic Policy/Handbook/ Standard Operating Procedures for tenants, and then customize it to fit my Rental Business?
Hi Robert - I like the policy handbook ideas in The Karen Rittenhouse book, "The EssentialHandbook for Landlords". Best of luck to you!
What kind of "policy" are you looking for? I have a 14 page lease and I go into my expectations and have my tenants sign it. That is my policy! It is all in one place and has made my life much easier. On my website I have a post called my kick booty lease where I go into everything I include including making them fill it out and sign afterwards. Prevents any "i" didn't know about it.
In this state, saying too much is not always a good thing, it strictly defines operations and may give more in contradiction than you might think. Tenant law is pretty well set, what is customary rules. There are areas to be specific, like insurance, late fees, not allowing certain activities, but a customary lease will give you what is generally acceptable in your area.
As to operational guidelines, might check the HUD site for landlords, the Section 8 areas give aspects that apply to most landlords even if they aren't in Sec 8. These are CYA aspects that you can pull out, discussions of protected classes, tenant's right's what income and other qualifying details that are generally adopted. There are areas too, like in case of fire, in case this breaks, emergency procedures etc. These are aspects that should be addressed not just for clear understandings but to CYA from tenants without common sense to some extent.
Leave room for you to make exceptions, structuring things by the letter back fires on you, especially if you define tenant's qualifying.
Stressing fairness is good policy, you can be fair and discriminate, you can make exceptions, you can work with tenants. When you lower the hammer it needs to be consistently applied and fair.
Most LLs don't have written operational guidelines and do just fine without them. The biggest screw ups they make are failing to follow state law in notices and evictions, collection of rents and making demands. :)
Thanks for the info. I'll be sure to find that Handbook.
I'm looking for expectations, deadlines, penalties etc. Things to bring up as you have said that "Prevents any "i" didn't know about it. " I found the post you mentioned. Good stuff!
Those are Great points. Thanks
@Kim Martin - Thank you for the great book reference. I just purchased it on my iPad and plan to compare it to what I have already done to improve my system!
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!