There are a lot of reasons that might determine people to purchase investment properties and become a landlord. However, it is important to remember that the life of a landlord does not only consist of collecting rent each month. Landlords have daily obligations and responsibilities. It’s hard to define what a landlord does because they play so many important roles (salesperson, detective, debt collector, and repairman).
In order to become a successful landlord, one has to understand the importance of being up to date with the latest laws and regulations. They also need to be able to get along with different types of people, understand eventual problems that might appear overnight and be ready to help in any situation. The following tips might come in handy for people who are willing to buy a property and become a landlord.
Location of Rental Property
Deciding the location and the size of the property can have a great impact on your landlord career. You need to keep in mind that the location and the type of property are the first factors that determine the total costs and the return of investment. If you’re not sure about what kind of property you want to invest in, you might want to get in touch with a top North Vancouver realtor. You’ll find valuable information about the properties in your area and be able to make a better decision.
Understand Landlord-Tenant Laws
A big part of becoming a successful landlord is realizing the importance of these laws. They can protect both the landlord and the tenant. Some of these refer to the security of deposits, different housing safety codes and the level of access to property. Different states have specific rules, so it is important to be familiar with them. Landlords need to understand that there are also habitability and anti-discrimination laws. Becoming familiar with these rules can save you unnecessary litigation or the hassle of eviction.
Find Good Tenants
Even though it is hard to find a perfect tenant, it is important to do some screening and interviewing before making a decision. A good tenant can make your life a breeze. Make sure you do a background and credit check on all candidates. Check references from past landlords or from employers. The tenant’s past payment history can be a good indicator that tells you if they pay their rent on time or not. Besides the aspects mentioned above, you could also check their criminal record, eviction records or even their pay stubs.
Inspect the Property Regularly
Maintaining the property saves a lot of unnecessary hassle, keeps tenants happy and motivates them to pay rent on time. Conduct an inspection every three months or so, schedule consistent pest control services and fix or replace any broken appliances. By checking the property regularly, you will know exactly if everything is in good working order. If you own a single property, then you should manage the property yourself and save a lot of money.
In conclusion, it is important to mention that becoming a landlord does not mean that you can become rich overnight. You need to understand a few regulations and get a lot of experience before you reach that goal.