Editor’s Note: Here at Dispatches, we are always looking for ways to help our readers do things. For some of our readers, that means helping navigate the working world, for others, it means assisting in the ever challenging question,“what’s for dinner?” For still others, it means figuring out how to balance family life with everything else. In an effort to aid in all of these endeavors, we have collaborated on this article written specifically for our readers.
Becoming a landlord is an option many people take to earn extra income. The process of buying and renting a property can be daunting. Below are four tips to help make the process a bit easier.
- Be Protected As a potential landlord, it’s important that you have protection at all times. You might consider acquiring a real estate license prior to purchasing a property to use as a rental. You’ll gain valuable knowledge and insight and be able to view your specific market with more details than the average resident. Make sure you have insurance that covers renters and are abiding by all local laws and regulations.
- Stick To Easily Managed Properties The easiest way to keep a tenant happy is to ensure the property is in good condition. Choosing new build projects like those at https://www.hicommon.com/havemeyer/ will make management easier than with an older property. Your initial investment may be more, but your maintenance costs should be less.
- Seek out support Make sure you are recruiting team members who are as dedicated as you are, be those property managers, handy people or painters. Consider outsourcing certain tasks that aren’t your area of expertise.
- Find The Right Tenants If you’ve acquired your real estate license, you may be able to act as an agent for the transaction. It may also be in your best interest to let another agent in your organization act as the realtor in this situation. Your goal is to find a tenant who will make payments on time and respect the property and call you when maintenance is needed before a small problem turns into a costly issue. For further information on sourcing the right tenant, visit https://www.clark.com/becoming-landlord-how-find-good-tenant.