Last updated by at .

Beware of These 5 Mistakes DIY Property Owners Make

Beware of These 5 Mistakes DIY Property Owners Make

1.  Failing to Ask for a Bond

This is a security deposit held in case your tenant doesn’t meet their obligations under the lease agreement.

2.  Not Having a Lease Agreement

This is a legally enforceable contract that details the length of the lease, rent amount, and the condition the tenant should leave the property as stated in the condition report.Typically if you are managing a rental property on your own, you may only have the option of purchasing a generic lease agreement from your local news agency or online.  The problem with these generic forms is the lack of important information, like state and territory laws particular to your area. We have free state specific templates for you right here.

Read More