If you're looking to make some extra money, look no further than real estate investment.
Owning an investment property is a great way to earn money. The hardest part is learning how to landlord.
We've got you covered. Keep reading for our top first-time landlord tips to get started in the real estate world.
Stay Compliant With the Law
One of the most important pieces of advice for landlords is to comply with all local, state, and federal laws.
Following the law will not only keep you from dealing with legal problems but will also help you maintain a positive reputation as a landlord. Real estate investment is highly regulated, so it's important to research and gain an understanding of applicable laws before you dive in.
Protect Yourself With Insurance
As a new landlord, one of the first things you should do is purchase property and liability insurance. This can protect you from legal costs in the event you are sued by a tenant.
You should also require your tenants to purchase renter's insurance to cover any damage they may cause.
Keep Your Property in Good Condition
Before you rent out your property, you need to ensure it's safe and comfortable. All utilities should be in working order and the property should be up to code.
Find and Screen Tenants
One of the best ways to find tenants is by creating an online ad. A well-designed rental listing will help you attract top-tier tenants.
Once you have applicants, you need to properly screen them. You might consider hiring a professional for this task.
When screening applicants, be sure to perform a background check and a credit check. It's a good idea to collect rent online and keep records of all transactions.
Hire a Property Manager
As a first-time landlord, you should consider hiring a property manager. This is especially true if you don't live near your investment property or you don't have the time or experience to handle the day-to-day operations.
As the property owner, you are legally responsible for the condition of the property. Hiring a property manager can take the burden of hands-on maintenance off of you.
A property management company will also help you screen tenants and handle the overall rental process.
One of the best tips for landlords is to regularly inspect your property. Be sure to stay in compliance with all laws related to entering your rented property.
Performing inspections can alert you to small problems before they become big ones.
Want More First-Time Landlord Tips?
If you're new to the investment property world, things can seem a little overwhelming. But don't panic!
Investment properties are one of the best ways to make money. We can help you navigate the process and show you the ropes.
Click here for more first-time landlord tips and to learn more about how we can help you manage your property today.