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5 Easy Tips for Being a Successful Landlord

Being a landlord is not always easy, but Brandon Turner of Big Pockets has a few tips on how to make the ride a little smoother. The first thing is to remember that this is a business, not a hobby. A hobby is something that you look at every now and again, but when you decide to undertake the responsibilities of a landlord you have to remember that you've taken on a business. Certain things are expected of you. You should never stop learning about your business and how to make it better. It becomes easier to run the business when you try to screen out bad renters. You should always have a set of requirements that you have set up pre-screening, but make sure none of them conflict with any of the protected classes. Once you've found a tenant, treat him or her with respect, even if you do not get along. You won't get along with every one of your tenants, but that doesn't mean that you should treat them poorly and let your emotions get the better of you. On the other hand, don't be too lenient or too nice so that the tenant walks all over you. Remember rule one: this is a business. Finally, don't try to do everything on your own. No one has all the answers, so reach out when you have a question. It helps to have other opinions of those that have been where you are. Get the advice that you need to make sure you're on the right track.

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POSTED December 02 2013 2:58 PM

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