BUSINESS SPOTLIGHT: Top Things To Consider Before Becoming a Landlord
By Space Coast Daily // August 31, 2017
don’t fall for fixer that requires a lot of repairs
If you’re thinking of becoming a landlord, there are a couple of things that you should know about before starting. It’s not as simple as hanging back and coming once a month to collect rent.
There are quite a few other concerns that you need to prioritize. Before you get to that point in the month where you collect rent, you are in for a long ride that might be far more “adventurous” than you might’ve wanted.
Here are some top tips on how to make your landlord experience as smooth as possible so that you won’t have to deal with everything at once later on.
Don’t buy a fixer
If you are thinking of purchasing a new property that you can rent, make sure you don’t fall into the trap of getting a fixer that requires a lot of repairs. Get a place that is in good condition so that your tenants won’t call you a week after they’ve moved in because their roof is collapsing.
Getting professionals like Bellevue Roofing Company to fix your roof should be something you only have to consider years down the line. When the property is brand new, the roof or any other physical part of the house shouldn’t be of concern.
Call the inspectors
Even if the people that you are buying from claim there has been an inspection on sight, call your inspectors for a second sweep. Those you are doing business with shouldn’t mind as long as they’re not hiding something.
If problems like bad plumbing, termites or something else appear in the inspection report, selling a house becomes an impossible task so you can imagine that some will attempt to lie about it just to keep a deal going.
Research your tenants
Don’t just agree to rent your property to anyone. Not thoroughly researching your new tenants will come back to bite you sooner or later, unless you’re extraordinarily lucky. There are many things that bad tenants can do to decrease the value of your property, from being violent, destructive, wrecking your home and even annoying, pestering or harassing neighbors.
Of course, we’re not saying you should just judge them on appearance. As for some recommendations from previous landlords or inspect their social media. See what kind of people you’re dealing with and if it’s likely that you’ll have a good business relationship.
Invest in the whole property
Many landlords make the mistake of only spending in the interior of their home. The exterior is just as important, so just as you would prepare a working AC for your new tenants, you should do the same with pulling weeds, cutting the grass or fixing the swing set in the backyard.
What’s around the home is just as important as what is inside. And it will influence how easy it will be for you to find tenants.
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