Being a landlord can be a very rewarding experience. This is something that experienced landlords Steven Taylor of Taylor Equities knows all too well. Landlords have the chance to build wealth, utilize their secondary properties, and become entrepreneurs in their own right. First-time landlords may need a few tips and pointers before they can become truly successful, though.
Luckily, Steven Taylor Taylor Equities and other real estate pros can help navigate all of the newbies through the process. Preparation is everything. A new landlord is only going to be as successful as the work that they have been putting in ahead of time. Those who thoroughly research the marketplace are poised to reap the highest return on their investment.
Be sure to read on and learn more about these crucial tips!
1. Keep Immaculate Records
Landlords have to become masters of record keeping. Take the time to examine all of the available software. The days of keeping records by hand have come and gone. Sure, the tax benefits that are associated with property ownership are great. However, the landlord is not going to be able to enjoy any of them unless they have kept all of the proper records.
Write-offs become much tougher to defend in these instances. That’s why a landlord needs to know where their money is, where it has been, and where it is going. The conditions of the property also need to be monitored, so that there are no disputes in the long run. Online tracking programs keep the landlord from having to sift through file cabinets filled with handwritten records.
2. Don’t Expect Maximum Occupancy At All Times
There is no shortage of property management tips for new landlords to be aware of but this one might be the most important. Any landlord who is expecting to fill every possible vacancy in perpetuity is setting themselves up for a major letdown. Loss of income insurance can provide protection for first-time landlords who experience natural disasters or issues that are out of their control.
High rent and low demand are issues that a landlord has to face on their own, though. A first-time landlord that does not have money saved to help them through the tougher times may struggle to keep up with their mortgage. If these types of issues become a regular hassle, it may be time for the landlord to start decreasing their rent prices (or adding amenities!)
3. Be Upfront With Tenants
Some first-time landlords may view this as an obvious tip but that’s not always the case. On-time rent payments must be a priority and without these monies, the business will not be successful. Make expectations clear with tenants when they move in, so there is no confusion later on. Due dates must be established, as well as grace periods.
Penalty payments have to be enforced. Otherwise, tenants will come to believe that on-time payments are not an actual priority. Check the tenants’ rental histories, speak to past landlords when necessary, and take a closer look at their credit report. This paints a very clear picture of the type of person that is being rented to. Responsible residents are a must.
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