The purchase of an investment property brings a lot more to your plate than merely paying the mortgage and insurance payments. If you plan on renting out the home, you open yourself to a new set of problems, many of which are avoidable with common sense and knowledge. The following tips may seem basic, but it’s surprising how many landlords, especially new ones, neglect even the most basic tasks.
1. Know the laws
It is important that you learn Wisconsin’s laws regarding your rights and duties as well as tenant’s rights. You can find additional information here, here and here. Then, sit down with your attorney if you have any legal questions, questions about Fair Housing Laws or about your rental agreement.
2. Learn how to screen tenants
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