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If you are renting to a self-employed tenant, you may feel that the situation is different from any other tenant. However, you will find that the main differences are in the application process, as well as the lease. As always, when building your lease it is important to be mindful of state and local laws. Sometimes local laws will be very specific with regard to these issues. You may want to include the following addenda and additions to protect your lease for your self-employed tenant.Read More »

Exchange

It sounds like an appealing arrangement at first glance: your tenant has offered to perform repairs or improvements to your home in exchange for rent. Your mind may race to all of the needed repairs or desired improvements that your willing laborer could perform. Having your tenant perform the repairs frees you up from the tiresome process of meeting with contractors, obtaining quotes, and having the liquid capital to pay theRead More »

Tenant

Are you hesitant to place a tenant who is self-employed? Do you feel paralyzed by what to do next? Can you feel confident approving a tenant who is self-employed? Let’s take a look at how to screen a self-employed tenant, so you can feel confident that you are getting the best possible renter.

Look at the past two years of tax returns

Request the applicant’s tax returns so that you getRead More »

GR105_Square_10-23-18

Before taking on roommates, you will want to think realistically about the financial implications. Rent stabilization and rent control laws can limit how much rent you can charge your roommate, so it is is very important to check your local laws. The law may also dictate how the rent is divided. For example, you may be required to split the rent evenly, even though one of the bedrooms is more spacious than another.

Read More »

GR104_Square_10-23-18

When screening new tenants, the considerations are many. Sometimes the tenant who seems to be the best fit doesn’t qualify financially. Before you show that tenant the door, you may want to explore having a cosigner on the lease to back up their finances. The cosigner does not live in the unit, but promises to repay money owed by the tenant, should the tenant fail to meet their financial obligations to the landlord. Here areRead More »

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