4 Tips For Being a Landlord

Being a landlord is something that me and my husband are thinking about doing more and more lately. We are currently trying to sell our home and it’s not going too smoothly, as our neighborhood’s value has fallen tremendously. Because of this, we are thinking about becoming a landlord and renting out our house for a few years until the neighborhood rebounds.

We have thought about becoming a landlord for awhile as well, so the above is not the only reason for why we are thinking about doing this. We eventually want to own small vacation homes that we rent out in many different vacation towns across the United States, so this could be our first step.

While we are not landlords just yet, we do know many landlords and we have been doing extensive research on the topic. Below are my 4 tips for being a landlord.

1. Be careful with who you choose as a tenant.

You shouldn’t choose the very first person who applies for your rental unless that person is exactly who you are looking for. Rushing the application process is a big mistake as you might accidentally choose a very bad renter who might end up costing you money.

2. Be properly insured.

You should always make sure that your rental is properly insured. You never know if something may happen and being properly insured can give you peace of mind. You might also want to remind your tenants that your insurance does not protect their belongings, so getting a tenant insurance quote is usually a good idea.

3. Be the boss, but be polite.

You are the landlord, and your tenants should know this. However, you should be polite as well. Being a rude landlord most likely will not get you anywhere as no tenant will respect a landlord who is flat out evil.

4. Document everything.

Anything and everything that you do should be in writing. This includes the lease, anything that needs to be fixed, anything that the tenant says needs to be fixed, and more. Getting everything in writing can help protect you as you will have proof.

Are you interested in becoming a landlord? Why or why not?

 

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