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Seven Ways to Ensure Success When Becoming a Landlord

April 26, 2016

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Are you planning on becoming a landlord? If so, keep these seven handy tips in mind:

  1. Know the area you are going to invest in. You should try to buy your first investment property somewhere close to where you live.
  2. Know your landlord/tenant laws. There are federal laws, municipality requirements, and many other rules and regulations you must adhere to.
  3. Enforce that rent is paid on time. Set expectations up front with your tenants. If you start becoming easy going about when rent is due, it will become a regular occurrence.
  4. Screen potential clients. Run a background and reference check to ensure you don’t have a problem tenant.
  5. Customize the lease. Leases can be just as unique as the properties. You want to make sure you have the right verbiage in the lease that will state what you’re going to be doing with your rental property.
  6. Inspect the property regularly. Schedule routine visits to the property to ensure there aren’t any ongoing issues that are going unaddressed.
  7. Don’t expect to get rich quick. Make sure you have a long-term tenant or property setup, the right process, if you want to make money being a landlord.

We follow through with our plans on a daily basis.


If you have any questions about this topic, or if you need real estate assistance of any kind, please don’t hesitate to reach out to us. We would love to hear from you!

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