You won’t have to look far online for horror stories about nasty landlords or messy tenants. That shouldn’t dissuade you from entering into a rental property investment. There’s nothing preventing you from finding qualified tenants and creating a positive revenue stream for your investment portfolio. The key to being a successful landlord is staying proactive. Here the smart moves you can make to be that kind of landlord:
Put Everything in Writing
The lease you will enter into with your tenant should spell out all the basic parameters of the rental agreement. That includes when rent is due, late fees, utility costs and whether pets are allowed. You can put in a lot more details as you seem fit. Over the course of a renter’s stay, there may be changes to that apartment that you want to get into writing. For instance, if they want to paint the walls a different color but promised to paint them back white at the end, then that should be in writing. If they replace of one of the kitchen appliances on their own dime, then they should be responsible for its repair and removal when they move out. Everything needs to be in writing.
Pick the Right Rent
When you go to buy a property, the first thing you look at is the value of similar properties in that same neighborhood. That is the same approach you want to take for your rental unit. However, you don’t want to put rent so high so as not to afford it. You can be flexible with the potential tenant if they look for a discount. You should never come up short if you are using that rent to pay off the mortgage but you shouldn’t be too greedy. You don’t want to price yourself out of tenants.
Set Up a Different Cell Number
Your rental property is now going to be your business. That means you should set up a distinct business phone line. It’s not that difficult to have a separate cell phone just for your rental property tenants. At least you know when the phone rings that’s what is going to be about.
Get Help from Professionals
Being a landlord doesn’t mean you have to become overwhelmed by the tasks at hand. You might like to do some DIY maintenance but that doesn’t mean you have to take care of everything at your property. Perfect example: getting rid of rubbish left behind by an old tenant. That is a job best turned over to Junk King Dayton. One call to these junk removal pros will have a pair of movers and a big truck sent to your property within 24 hours. This is the team that will do all the lifting and loading for you. They also make sure everything they collect is disposed of in the proper manner. Let Junk King Dayton take over the rubbish removal from your rental property. One less thing to worry about as a landlord.