Back to: Landlord Success: Proven Strategies & Practical Advice for Stress – Free Property Management
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Have you thought about being a landlord? What’s your “WHY”?
There are several reasons you might be thinking of becoming a landlord.
- Make Money
- through monthly cash flow
- becuase of property appreciation
- Long term investment for retirement
- Hold a property until the market increases
- Humanitarian — desire to help people and solve a housing problem
- Co-habitation or roommate
- Your child is going to university
No matter your reason, being a landlord is a business and it’s important to treat it like one. Because of that, there are six simple rules to follow:
- Lease agreements in place, ALWAYS
- Perform property inspections
- Credit checks are mandatory
- Late rent is NEVER acceptable
- NEVER say “I feel sorry for them so I will help them out.”
- Be FAIR, FIRM and FRIENDLY, but they are NOT your FRIENDS