Skip to content

Seven Ways to Ensure Success When Becoming a Landlord

April 26, 2016

Looking to sell your home? Get a FREE home value report

Looking to buy a home? Search all homes for sale

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!

No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: