Education and news for smart DIY landlords!
Being a landlord allows you to build wealth by doing something that you've always dreamed of -- managing your own business. However, being a landlord also comes with a lot of responsibilities.
If you're still thinking of becoming a landlord and you assume that the only thing you should be worrying about is collecting rent, you're completely mistaken. Here are common things that a landlord is expected to do:
You should meet certain conditions for the rental property to be considered habitable and safe for your tenants. For example, these conditions may include the presence of locks and security systems and well-maintained electrical, plumbing, and heating facilities. If your rental property existed before 1978, be sure to disclose lead paint.
Do you know how to promote your property effectively? Successful landlords are also great salespersons. To get more eyes to your rental, it's essential to create ads with high-quality pictures and compelling headlines and descriptions. You should also avoid discriminating potential tenants because of their race and color, disability, and familial status.
Keep your rental property in good working condition by making sure that everything works fine and that problems are solved right away. For example, if a tenant complains of a pest issue or a roof leak, fix the issue right away. Also, make it easy for tenants to get in touch with you by providing your business phone number and email address.
Landlords also play the role of a detective. To minimize problems, you want to welcome tenants who are financially responsible. Find out if they're able to pay rent on time by running a credit check and contacting their employers and previous landlords. Have a face-to-face interview with prospective tenants so you can assess their personality. Are they polite? Do they get defensive?
Even with the best screening procedures in place, sometimes you just can't avoid problem tenants. A tenant can make you look like a bad landlord by creating a lot of noise or doing things that disrupt the neighbors. For example, parking across other drives and late night partying.
Related: 5 Ways to Improve Your Reputation as a Landlord
These are just some of your responsibilities. You can also be a mom or dad at the same time. This can mean a very busy schedule especially when you're trying to look for new tenants. Consider getting a reliable mentor or checking out a trusted online resource such as Landlord Prep. No landlord wants to end up in financial and legal trouble!
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!