Education and news for smart DIY landlords!
Are you a new landlord? If so, congratulations. You must be super excited to run your rental property. While it can be a rewarding experience, you should also prepare yourself for challenges and risks that are associated with landlording.
Start your business on the right foot with these 4 must-know property management tips. Keep reading.
You might think that treating your tenants as close friends is a good idea, but actually it's not. Even if you share common interests with a tenant, resist the urge to socialize. What will happen if the time comes that you need to raise the rent? You could get into an emotional situation with the tenant.
Prior to renting out your property, you must ensure its safety. Break-ins are not just scary to tenants, but they affect your income. The good news is that such situations can be easily avoided using these tips:
No landlord wants to go to court. Lawsuits can be prevented if you know the law! Landlords should follow the Fair Housing Act, a law which prevents discrimination pertaining to housing. Each state also imposes an implied warrant of habitability. It is a warrant implied by law that a rental property complies with basic living and safety standards.
To maintain your rental property, one of the things you should do is to stay on top of repairs. When a tenant sends you a text message or calls you about damage, do not delay your response. Some repairs need immediate attention because it will affect your tenant's quality of life and comfort. For example, lack of heating in the winter or plumbing issues.
These are just a few of the many tasks of a landlord to protect and run a smooth-sailing business. It's always a great practice to prepare yourself before you open your doors to new tenants. Educate yourself. Being knowledgeable about the different aspects of your rental saves you from a ton of headache down the road.
If you’re ready, make Landlord Prep your go-to resource for landlording education. Here, we offer a complete DIY landlording course to get you on the right track. Join our academy today. If you want, you can check out Flavia’s real estate investing webinar first!