Jumping into a rental business without proper preparation can be a very dangerous (and expensive!) gamble. If you're thinking about becoming a landlord and/or property manager, it's imperative that you have a clear understanding of how the business works, how to take care of your rental(s) and tenant(s), and how to adjust as things change. While real estate investment is considered a "passive income," there's quite a bit of research work that goes into preparing to be a property manager. We have gathered a few articles to help you get started on that. If you've been in the business for a while already, it doesn't hurt to brush up on a few of the basics.
- Never Buy or Sell Without an Agent - If you're buying your first rental property, you may be tempted to go at it alone, but you may want to reconsider. While you'll have to pay a fee to hire a Realtor, their help can be invaluable to help smooth out the process.
- 4 Key Challenges - Part of preparation is knowing what challenges you will most likely face. If you know what to expect, you can create policies to handle the situations as they arise and allow yourself a chance to handle them early instead of trying to run your business in a reactionary manner.
- Make Sure to Have a Plan - Property management is not a business that you can approach on a whim and hope for the best. Mistakes have the tendency to be expensive and sometimes long-lasting. You will need to be careful how you approach your plan and do not leave anything out.
- Steps for Success - Do your research, put your plan down on paper, and then recheck everything. You'll need to know these 8 steps for success to do your best.
- Things to Watch Out For - You may have everything written down, your policies worked out, and you're ready to jump in with both feet, but if you don't watch out for these 5 potential problems that many landlords face, you will find yourself in trouble.
- Must-Haves - If we had to narrow it down to the top 4 things that a landlord must have for their business, this would be it.
- Popular Trends - It can be difficult to keep up with each new trend that pops up, but finding what works for other landlords can help you find what works for you. Streamlining your business and utilizing a variety of new, popular trends can help you keep things running smoothly.
- Smart Tenant Screening - Tenant screening is your first line of defense against tenants that could potentially do damage to your rental. Make sure that you are screening them properly.
- New HUD Guidelines for Criminal Reports - When you're running a tenant screening on a rental applicant you will likely check their criminal background history, but be careful not to act against any of HUD's new guidelines that they have set up.
- Know the Law - Many laws are detailed out on a local level and may be a bit different depending on the county that the rental is located in. You will want to know where to go to research your local laws so that you can make sure that you are following them.
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