Takeaways:
- Being a landlord comes with a lot of demands — creating lease agreements, screening tenants, marketing rentals and evicting tenants.
- It’s a lot cheaper to retain a tenant than to find a new one, so do what you must to keep your tenants happy.
- Use available technology to make your job easier and hire professionals.
Passive income. Setting your own work schedule.
Ah, the life of a landlord. Living the dream, right?
Not exactly.
The truth is, being a landlord can be a dream come true for some people and an absolute nightmare for others.
As Ross Schmidt, a reputable financial adviser, put it, “Real estate has created the most millionaires but also has led to the most bankruptcies.”
Being a landlord comes with a lot of demands — creating lease agreements, screening tenants, shelling out eviction notices, following fair housing laws and marketing — that can easily become overwhelming, especially for first-timers and owners of multiple rental properties.
But, as with anything, if you know what you’re getting into and have the proper systems in place, “landlording” can be a very rewarding and profitable venture.
To help provide some guidance, the team at Jacob Grant Property Management put together this infographic outlining 20 things you need to know to become a successful landlord.
The tips are based on over a decade of professional property management experience.
You can view the full post here.
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This post was written by Jake Durtschi, owner of Jacob Grant Property Management located in Idaho Falls, Idaho. Jake and his team manage over 400 rental properties in east Idaho.
