Education and news for smart DIY landlords!
Being a landlord is not an easy job, especially if you are the do-it-yourself kind of landlord. It comes with a lot of challenges that push you to stay on top of things. You need to keep your tenants happy and also make sure that they stick with the terms in the lease agreement.
Fortunately, there are also ways to make your life easier. At Landlord Prep, it is our job to keep DIY landlords from getting overwhelmed and provide them with sound advice. So, if you’re ready to learn some practical landlording tips today, keep reading.
There’s no denying the fact that rental renovations are expensive. If you’re planning to do some renovation, keep all the units uniform. That means using the same paint color, flooring, and bathroom vanities, light fixtures, and countertops. By doing this, you’ll be able to purchase the materials in bulk and save money.
An airtight lease agreement offers protection for you and your tenants and meets all your needs. It is the key to your long-term success. Before writing your lease agreements, it’s important to know the law. That way, you will know what to put in writing. Include essential provisions such as basic rental property details, term of the tenancy, rent amount and fees, repair and maintenance responsibilities, and right of entry. Consider hiring a local real estate attorney to help with your lease agreement as well.
Some experts will advise you not to allow pets while some encourage them. Both has its set of pros and cons. Your final decision depends on your goals, of course. If you allow pets, you should know that pet ownership is on the rise. That means you’re likely to lower your vacancy rates and acquire long-term tenants. On the other hand, not allowing pets will also save you from a lot of trouble.
There are good and bad tenants - you already know that. Good tenants follow the law, keep the rental in pristine condition, and pay their rent on time. Bad tenants will challenge you in every possible way. The best time to get to know them is during the screening process. Choosing the right tenants to welcome into your rental may take more time, but it will be worth your while.
Documenting the original condition of the rental will not only ensure that all health and safety issues are avoided, but it will also help you track any changes that have been made without your knowledge. Most importantly documentation protects your rights.
You can be more in control and be able to run your rental property business in a way that’s enjoyable with these 5 tips. We want you to have less to worry about. Want to enhance your landlording knowledge? Check out our DIY landlord resources.
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!