Posted in Blog  
  on Feb 07, 2014

Best Landlording Tips

Being a landlord isn’t an easy job. It is rewarding financially but the entire experience can often become tedious and mired with challenges. However, armed with the right knowledge and awareness of the best landlording tips, this experience can become truly rewarding from all aspects.

Benefits of Landlording


The first of the best landlording tips is to find out what you are ready for. Are you going to be a hands-on landlord or do you wish to be an armchair landlord? If you want to become the former then you can and should dive into the landlording business. You can work hard, get down to the ground and do everything yourself. This would not only enable you to become truly empowered but you would also be able to save a lot of money on contractual services, including legal and professional fees. If you wish to be the latter then too you can dive into the landlording business but you should get the right property. When you are willing to get your hands dirty and wouldn’t mind sweating it out, you can choose just about any kind of property but when you are an armchair landlord, you need serviced apartments or similar properties to invest in.



Building Success


Regardless of what kind of landlord you want to become, you must invest time to gain knowledge and become a financial planner. You must accustom yourself with the rights of a landlord and the rights of a tenant according to your state or federal laws. You must be a deft planner of finance and find out how much return you would be expecting out of each venture. There are many obligations and roles, rights and duties of both the landlord and a tenant. You must be accustomed with these. You may choose to hire a property manager and they can run your landlording business but as with any business, you should be an expert yourself as well.

Do Your Homework


Homework is the third most important landlording tips that you must endorse. Whether it is screening a prospective tenant or looking at a property for investment, you have to conduct substantial homework. You cannot and should not put your money in a property that doesn’t have a good location, wouldn’t entice potential tenants and would not generate the desired revenue. Likewise, you shouldn’t let any tenant in who doesn’t have a credible background.

There are many other landlording tips but perfecting these three is quintessential.

Related

The Landlord Tenant Board: What it is and When it is Needed

Many times, there are issues between a landlord and a tenant that need to be resolved but are failed to do so, because both parties have gone too far with their actions, and have retaliated in the... More


How to Create a Residential Lease Agreement

Where there is a landlord, there will also be a tenant, and it is no surprise that these two parties can only work together once there is some sort of agreement, contract or a binding deal in place.... More


The Best Sites for Rental and Lease Agreement Templates

Many landlords find it difficult to write and draft a lease agreement. Since every State has its own general template, it can also be difficult to make sure your lease agreement meets all the criteria... More


The Best Landlord Associations for Landlords to Join

If you’re a landlord and want to manage your business in a better way, you should endeavor to get in touch with those industry experts who have the experience and the skills to help you do it. This is... More


Unpaid Rent

When you talk about the most common disputes arising between landlords and tenants, nonpayment of rent has to be there in the list. People rent their properties to earn money, and when a tenant... More


Section 8 Landlord Pros and Cons

If you have ever rented a living space and have had to move many times, you’d already know how difficult it is to find decent, affordable and secure living premises. A person has to deal with the same... More


Landlord Inspection Checklist: Rights, Letters, and Reports

Landlords across the state have the prime responsibility to make sure they inspect and up keep their property once they have rented it to the tenants. Inspections can occur monthly or yearly depending... More


Landlord Maintenance Costs and Responsibilities

Everyone knows that a landlord’s job is not easy. These folks have specific duties and responsibilities that they must perform in order to be fair. Being a landlord is not a position but it is, in... More


When to Withhold Tenant Security Deposit

Asking for a security deposit is quite common in property dealings. The reason to ask for a security deposit is to have something that would help a property owner recover some of their financial... More


How to Report Bad Tenants

Bad tenants are the worst-case scenario for any landlord; no one wants them, and if someone has them, they want them out in any way possible. There are times when landlords try as much as they can to... More