Almost everyone has considered being a landlord at one time or another, whether it was a financial thought that led to dreams of riches or frustration with a current landlord that had you thinking you could do it better. So if you decide to actually take the plunge, what’s really involved in being a landlord?
There are a lot of laws, both state and local, that deal with the landlord/tenant relationship and as a landlord you’ll need to know and understand these laws so you’re in compliance and can protect yourself against lawsuits.
Adopting the mindset that you are running a business is key, no favors, no exceptions. Sometimes this rule is hard or almost impossible to live by but by holding to it you’re more likely to be successful. But it’s also your business so you can set the rules for your business and make your own decisions.
Get the Best Tenants?
Having the best experiences possible really circle around the tenants so you absolutely need to make sure you’ve done all that you can to screen each and every potential tenant.
Be available to your tenants 24 hours a day to deal with legitimate complaints and emergencies and do whatever you can to remedy any problems as soon as possible. ?Your tenants should know you’re a professional and this is a working relationship.