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Becoming A Landlord – How To Do It Right

Being a hands-on landlord can be very trying at times. That is why most investors hire a property management firm to take care of finding tenants, collecting rent and dealing with maintenance issues.

There are fees that you’ll have to cover. These include lawyer’s fees, accounting, insurance, mortgage payments, taxes and repairs, etc.

It would be wise to get commercial grade insurance coverage to be fully prepared for any eventuality. You might also want to consider incorporating as this offers you an added degree of protection.

If you decide to do the landlording instead of hiring the job out, learn how to deal with tenants. And what about the rent. How much should you charge?

Start by checking out the local classifieds and rental websites that cover your area.

Join the local Landlord association if possible and learn all you can about landlord/tenant issues. Get all the agreements you’ll need to run your business (leases, eviction notices, etc.)

Make sure your property is in good shape and complies with all local laws.

Landlording: A Handymanual for Scrupulous Landlords and Landladies Who Do It Themselves

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