2 MIN READ
5 Tips for Becoming a Landlord
Becoming a landlord can be a great experience, but challenging at times. You do your best diligence possible, but the inevitable will arise. Here are some tips from one landlord to another to help you become successful.
1. Build Your Rolodex
The first thing you need to do is build your rolodex of people that can support you at a reasonable rate. This should include the basics: a gardener, plumber, electrician, or a general handyman.
No matter what, maintenance issues will arise at your property. And you can’t always go out and see what is wrong. This is where having someone you trust take a look and repair it is so vital.
2. Insurance, Insurance, Insurance
The next thing to do is make sure that you have enough insurance, AND the right kind of insurance. You can get policies like simple landlord insurance, but you want to make sure that you are fully covered should anything happen on your property. Accidents can be expensive, so make sure you’re prepared.
3. Build a Relationship with Your Tenant
Building a solid relationship with your tenant makes the tenant more likely to stay, and reduces turnover (equating to more money in your pocket). Have a tenant on good terms also usually means they will keep your unit in good repair, and maybe even help with repairs if they are able. By building a solid relationship, you can get lot of benefits.
4. Join an Association
You should also consider joining an association of other landlords. This is a great way to learn from others in the business, and many associations pool together to provide legal aid services and credit check services. These can be great tools for your business.
5. Be The Best
Finally, try to be the best at what you do – by providing good service to your tenant and maintaining a great property. This will encourage tenants to stay, and make it easy to attract new ones. Nobody wants to live in a slum, so try to make your unit the best possible.
Good luck Penny Hoarders!