How to Be a Landlord in Texas
Becoming a landlord in Texas requires that you be familiar with the state's real estate rules and regulations. In Texas, there are certain laws you must follow in order to lease property to another individual. Being a landlord of a rental unit or housing complex also requires people skills and legal know-how. Never jump into leasing your property without careful preparation. Following certain guidelines will help prevent financial loss and will help keep you and your tenants happy.
Instructions
-
-
1
Study Texas real estate laws, including those that deal with the landlord's rights and responsibilities. If you don't know what is expected of you, then you could run the risk of breaking the law and being sued by tenants.
-
2
Consider joining a local landlords' association. Landlord groups offer support, valuable insight and reference materials that come in handy when you are leasing your property or dealing with unruly tenants.
-
-
3
Contact your local courthouse to find out if any licenses are required. Some counties require that you have a business license if you are renting larger properties.
-
4
Screen applicants carefully. Ask potential tenants to fill out applications so you can check their credit histories and criminal backgrounds.
-
5
Collect a security deposit from your new tenants when they move in. This will help cover the cost of any damage done by the tenants. However, you cannot charge a security deposit that is more than one month's rent.
-
6
Repair any problems on your rental property as they arise. You are responsible for fixing broken pipes, electrical wiring and structural damage to the home. Maintenance is your responsibility, not the tenants'. However, if damage is the result of tenant negligence, you may be able to charge for repairs.
-
1
Tips & Warnings
If a tenant asks to have a pet, ask for a pet deposit to help with carpet replacement or wall repairs that might be necessary later.
References
Resources
- Photo Credit Zedcor Wholly Owned/PhotoObjects.net/Getty Images