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.
Becoming a landlord is a major deal and no one can simply get up and think, “well, yes I think I should be a landlord and rent out my flat.” If you are thinking that you would like to be a landlord,... More
Landlords and aspiring landlords, do not become as such, without guidance and advice. There is a lot that goes into being a landlord nowadays; in fact, there is so much to learn that it often confuses... More
Renting out an apartment or a house can become a constant revenue source for landlords, but at the same time, it gives rise to several problems. It is a fact that high standards, a strict lease... More
If you are currently thinking of becoming a landlord only because it helps you have a constant stream of income, you should think twice. It’s not that you should not consider offering your property... More
When it comes to paying taxes, most individuals have no idea that they may be paying so much without needing to do so. The same goes for landlords. Why should you or any other landlord be paying more... More
When you own a rental business and start it from scratch, you know how important it is for your business to reach the people it matters to most. How else would your business flourish and blossom? It... More
For a landlord, it is of immense importance to ensure that they only let a qualified tenant to move in. It is however every landlord’s nightmare when they get tenants from hell who make the tenancy... More
There are many terms and concepts used in the realms of landlording, and when it comes to learning everything in the property business, most aspiring property owners find them in trouble. Most... More
Not all tenants are alike; some of them are good, others are from hell. That’s why one should know the right way to deal with bad tenants. They can be troublesome in the sense that they can damage... More