Real estate landlords have a lot to learn especially the new landlords. However, one learns from one’s mistake. They are some mistakes, landlords can avoid especially if you’re a new real estate landlord.
As an experienced landlord, there are certain questions I come across several times a day. Therefore, I decided to jot down these important points on a single platform to make it accessible and helpful for all the newbies. This would definitely keep you from making some serious mistakes which might cost you too much.
Don’t compromise on rent!
Don’t forget that rent is a landlord’s ultimate revenue. Therefore, no explanation can justify your leniency in receiving it timely. Pursue your rent and never go light on its timely payment. Leniency might be the right way to deal but just with those who need help. Otherwise, be strict in this case.
Choose a partner carefully!
Of all the qualities a business partner should have, two are on top of the list; honesty and transparency. Make a careful choice of your partner because after all, he’s going to affect your performance and earnings. Therefore, try not to for someone you barely know or just met just because the deal looks good. At least try to make sure that the other person has same values and goals as yours.
Properly Screen the renters
This is where most of the beginners tend to stumble and eventually fall. Make sure that the renter has at least the following qualities:
- Have references to the previous rents
- Can afford to pay your rent
- Has a good job
If the tenant has these qualities, he’s good enough to be considered. However, don’t forget to investigate properly.
Say Welcome to Extra Income Opportunities
What are you doing this real estate work for? Income off-course! So, never let any opportunity of extra income go without taking advantage of it. So, don’t just rely entirely on your house rent. Think of making renovations on your property which will eventually boost up its rent and cost.
Don’t waste your money on renovations that won’t boost up your rent
Most of the landlords focus on installing as many updates in their house as they can. There is nothing wrong with it. However, one should know the concept of smart investment. You should avoid making those renovations which will not boost up your rent.
If you want to be a successful landlord, follow these tips which most of the beginners ignore and hence suffer!