Most people see land lording as a messy business that is not worth getting involved in. Sometimes buying investment property requires you to rent it out, rather than selling it. But renting properties is often seen as a waste of time and money.
In truth, it is an excellent, even easy way to make you extra money each month.
Here are some tips to make being a landlord a little easier.
First of all, you have to treat it like a business. Keep it simple, and stay organized and businesslike.
When you have an empty property, market them using free sites such as craigslist.com.
Tell everyone you know that you have an available property; sometimes word of mouth is the best way to get quality tenants.
As with any type of real estate investing, you should become familiar with the local market. It’s vital to your success to know what other landlords in the area are charging for properties similar to yours.
Screen all of your applicants. Run both a credit check and a criminal background check. Require references and personally call each reference.
Remember the first rule above: treat your rentals as a business. Keep the relationship between you and your tenants business-like. Avoid being rude or disrespectful; you will become known as a tyrant land lord, which could result in empty properties.
Be sure to document everything; keep copies of rental receipts, any and all communication between you and your tenants and any records of maintenance, repairs and renovations.
Make sure you use a lease; you can find state specific leases at your local office supply store. Be sure your lease is clear regarding any expectations you have for your tenants. If you charge them with paying for any repairs, make sure they know about it. Avoid generic leases that aren’t specific to the property you are renting.
Reward loyal, long-term tenants for their business. You could allow them to paint the walls, buy a new appliance or give them a free month of rent. Whatever reward you choose, just be sure to let them know you appreciate their business.
Perform regular inspections of all your properties to make sure your tenants aren’t letting them become run-down. Perhaps the most important tip you can receive is to become familiar with the rental laws in your state. Protect your business assets at all costs.
Keep to these tips, and before long you will have a substantial income from rental property rolling in. Increase your monthly income by habitually searching local foreclosure listings for great priced properties.
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4 thoughts on “10 Tips for Landlords”
Great blog. Being a landord is for sure a great place to get started in Real Estate investment. Thank you for sharing useful tips. I hope to see such information in the future as well.
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