Whether you are already a landlord or if you are thinking about becoming one, there are probably at least a few things that you can learn. Below are my four tips on being a successful landlord.
1. Always screen applicants.
Instead of accepting anyone who applies to live in your rental, you should always screen them. Do a background check, make sure they can afford your rental, and do an interview. Skipping these relatively easy steps may lead to a costly mistake that you probably do not even want to think about.
2. Lay out the ground rules.
Your renter should always know the rules of the house and maybe even the neighborhood before they move in. This way you can eliminate any problems that may occur later so that they cannot say they were not aware of the rules. Homeowners associations will have even more rules, so do not forget about those.
Some things you may want to go over include:
- Can they sublease any rooms?
- What about noise?
- Can they have parties?
- Where should they park?
- Can they change anything about the rental such as painting the rooms?
- Are they allowed to have animals?
3. Make needed repairs.
Keeping your renters happy can keep you happy as well. If they call you and tell you that something needs to be repaired, then you should look into repairing it. You do not want to damage your home or your reputation by letting your renters live in bad conditions.
4. Make sure you can afford the home.
If you are going to get into real estate investing, then you need to make sure you can afford it. Factor in the home loan, such as through Homestart low deposit home loans, property taxes, home insurance, maintenance, and anything else you can think of.
This can make getting into property investing less stressful if you think about all of the costs. This way you can know how to price the rental as well.
Are you a landlord? Thinking about becoming one?
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