Just as many people have horrible boss stories there are also an equal amount of horrible landlord stories. If you now find yourself in the enviable position of becoming a landlord you want to make sure you don’t fall into the “horrible” category. Many real estate investors have found that flipping a home isn’t as easy as it seems on television. However, with more renters on the market you could just turn that new property of yours into a positive revenue stream.
When it comes to landlord responsibilities, there is a long list of regulations you have to follow depending on which city and state you’re in. The good news is that if you don’t have the time to devote to landlord duties you can turn these responsibilities over to a management company. For a monthly fee they will handle all the business of collecting rent and maintaining the property as you would direct it. Think of them as the “middle man” between you and your tenant.
If you would prefer to be a DIY landlord then your first obligation is to find the right tenant. Just like a job interview, a prospective tenant is going to put their best face on during that first meeting. Of course, they’re not going to throw loud parties or clog up the drains! What you really want to know is if they have gainful employment and will pay their rent on time. The answers to these questions can be quickly discovered with a few follow-up phone calls to references. Most important: get everything in writing!
