How to become a Successful Landlord

No, you won't look like this guy, you will be MUCH better!

So you are a Landlord, how can you be the best that you can be?

Follow the Rules!

Find out what the rules are for you area and follow them. Health and safety, handling the money, tenant and landlord rights. Here's some general information.

Protect your Asset

Get insurance. Do not under insure your pretty. Also consider how you legally want to own the property, is it under your name or a company name? Find out which is the best way for your situation. 

Choose Wisely, Very wisely!

Select your tenants with great care. If you get a bad tenant, then you will be put off for a long time. Do the research, look into their background. Good tenants will take reasonable care of your property, don't have issues with drugs or alcohol, they would be (at least) reasonably intelligent or educated and will pay their rent on time. 

Paperwork

Have a (legal) lease and have everyone sign it! Make sure it spells out who is responsible for what.

Take Care of the Property

Make sure that the property you want to rent out is attractive and in a decent area. Potential tenants will not look at your place if it is run down or is located next to a Meth Lab. Then make sure you maintain the property! It is your obligation to maintain the property to livable standards. If you want to have a good long term relationship with your tenants, make sure that you respond to any maintenance requests promptly and do a good job at repairs. Don't even consider putting duct tape on a leak!

Keep in Touch

You want to give your tenants space, but make sure you inspect the property during the lease (but check to see how frequently you are allowed to organize inspections and how much notice you need to provide). Also just check in every so often and see if they have anything they would like fixed etc. It shows you care.

If you do it properly, being a landlord can be a profitable and fulfilling endeavor, but you have to be willing to devote some time and energy to make it work. What do you think I misses from the list?