A lot goes into being a good landlord. If you are new to rental real estate, a little landlord advice can help make the process of owning and managing a rental property a little bit easier.
Several landlords reached out sharing the mistakes they have made over the years. Here is just a couple of words of wisdom offered by one successful landlord:
If you have any friends that are landlords...Call 'em and ask for the top five tips. I'd say mine are:
1. Advertise the rental home until it is actually rented. Tip: it's not rented until you have a signed lease, deposit, the first months rent, and utilities in their name.
2. Expect to communicate with a ton of prospects in order to show it to a few, in order to rent the home to one.
3. Ask about pets, past evictions, why they are moving, and for references. Then assume they are lying, and double check all the information given.
4. Try to get market rent. Call around, look around, do an internet search to make a judgment on what your market rent should be.
5. Follow up after move-in to ensure that the rules are followed.
The Bottom Line
By knowing what you are getting yourself into before you do it, you'll be better prepared for what you encounter and more likely to enjoy the experience.
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