xAs a landlord you are going to make mistakes; this is natural. That being said, you cannot afford to do anything that is going to harm you, your tenants, or your property. Below are three common landlord mistakes to avoid:
1. No lease. If you have tenants you need a lease. This is the case no matter how you feel about your tenant. Even if you know the person is good for the money and that they are respectful to your property, you still need to protect yourself with a lease.
2. Not making repairs on time. If you don?t make repairs when they are needed they could lead to further damage and more money out of your pocket. Situations will arise when you need to make repairs. Don?t delay in fixing the problem, no matter how big or small.
3. Don?t be an absent landlord. If you are never around your tenants may get the feeling that they can get away with anything. This doesn?t mean you have to show your face everyday, but at least let your tenants know that you will be stopping in from time to time.
It goes without saying that you want to avoid all mistakes as a landlord. While this is a nice goal, it is hard to accomplish. At the very least, if you avoid the above mistakes you will be in good shape for the time being.