I'm sure you have read a hundred articles about being a successful landlord, and you know what, they all say the same thing, because it's the basics that you need to get right, and it's amazing how many new landlords can get it so very wrong.
So here are some basics that you need to really 'get' if you want to have a good time being a landlord.
Consider employing someone to do it for you
Yes I'm a property manager so I would say something like that. But think about it. Depending on your personality do you think it would be better to hand over the task (or at least some of it) to someone who has done it for years and is good at it? If you don't like doing your own DIY, if you don't like uncomfortable conversations about rent and looking after the property, if you don't like having to organise and conduct house inspections, then reconsider your position on hiring a property manager.
It's not going to be easy all the time, and if you really don't like dealing with people when the going gets a little rough, then employ a property manger. You will save yourself a lot of stress.
References
Check your tenants' backgrounds. They may look like a sweet couple when they are looking at your property, but wouldn't it be nice to know that 6 months ago they were in a Thai jail for drug smuggling? Or maybe it would be nice to know that the husband has had several jobs in the last couple of years and may not be as stable as first thought?
In Writing please
Everything you say you are going to do and the tenant is going to do needs to be in writing - and signed! Everything. This will cover you front and center. The tenant reports a leaky tap - get them to send through an email. This will help for various paper trails from tax deductions to any legal matters down the road.
Squeaky clean and properly maintained
Make sure your property is in tip top condition. When a request for a repair is made, make it quickly and thoroughly. Put yourself in your tenant's position and get in and resolve it as fast as possible. This is the #1 issue tenants have with landlords - landlords not responding to repair requests fast enough. Keeping on top of repairs and maintenance will keep the property in great condition, keep current tenants happy and will make it more marketable for new tenants.
Hows that insurance?
Have you got full and complete insurance? No? then you are asking for trouble. Seriously. Get insurance!
No, you can't!
You cannot, I repeat cannot just 'drop in' on your tenants. You need to make an appointment. Yes, you own the property, but they live there. 48 hours is a good amount of time to give.
Be fair and above board
Do not discriminate, and be fair with your tenants. Treat your tenants fairly. How would you like to be treated if the position was reversed? Think about it.
If you have the right attitude, being a landlord can be a wonderful experience, but it's not easy. You do have to know the right way to play the game. If you don't want to play the game well, then get someone to do it for you, it will save you a lot of stress.
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