Becoming a successful landlord can be a complicated endeavor if you don’t know what you are doing.
Becoming a successful landlord doesn't happen by accident. Click To Tweet
Sure, we all know those people in our area who are well known, successful landlords. Whether they decided to become a landlord or became “accidental landlords”, they figured it out and made it work. They are happy and living the dream.
The landlords who weren’t so lucky are forced to stand by and watched helplessly as their properties lose money hand over fist. For some reason, things didn’t work out for them and being a landlord became a terrible nightmare for them.
These poor landlords had to watch their dream of a steady, monthly income go down the drain.
Landlords don’t lose money due to a lack of trying. These landlords:
- Ran the ads
- Got tenants in their rentals
- Fixed problems
- Seemed to do everything right.
But, they didn’t have effective property management skills that would allow them to succeed in becoming successful landlords.
You Can Be A Successful Landlord
This is something you can learn if you to do if you have the motivation or you can hire someone to manage your rentals for you. Remember the four tips below.
4 Tips To Being A Successful Landlord
- Run it like a business. Whether you are a full time landlord or this is just a side, part-time business, have systems in place and follow them! For example, it’s OK to be nice to your tenants, but if they get behind, start the eviction process.You are a business owner so act like one!
- Aggressively screen your prospective tenants. I have found that most people talk a good talk and it can be difficult to tell if they are telling the truth. Run credit, check their references and talk to their landlord. Past history is an indication of how they will pay you and treat your house.
- Treat your tenants well. A good, well paying tenant will hopefully stay for years and will think twice about leaving you if you treat them well. What do I mean by that? Fix maintenance issues promptly, check in periodically and make sure things are going well, send a Christmas card, etc. It doesn’t take a lot to make them feel appreciated.
- Know when to get help. Let’s say you have a tenant not paying rent and you are not exactly sure how to start the eviction process, you need to find someone who can advise you. No one knows everything and this is just one example of when you might need to consult an expert!
Follow me here. I am here to help you navigate this adventure to becoming a successful landlord and take control of your future.
You can become a successful landlord and have a great monthly income, all without losing your mind! Click To Tweet
Yes, it can be stressful, but the rewards outweigh the problems usually.
You can become a successful landlord and have a great monthly income, all without losing your mind!