Are you thinking about investing in a rental property? It is actually a decent way to earn extra income without exerting a lot of effort. Yes, you will have to maintain the property but you can also hire out for that task. Before you take on the responsibility of becoming a landlord, consider these tips for making this successful endeavor:
Screen Out Bed Tenants
The biggest mistake that a landlord can make is renting to the wrong person. While it is true that you won’t truly know someone until they’ve lived in your property for a while there are some red flags in the screening process that you should be aware of. The first is their source of income. Ideally, they should be making at least twice or three times the monthly rent and be employed in a stable job. Someone who is working for tips or on commission might not be an ideal candidate. They should also not have any recent evictions or felony charges. If they can’t provide you with a good reference from their last landlord, then you have to question what went wrong.
Treat Your Tenants with Respect
Just because they are your tenant doesn’t mean they have to become your new best friend. However, you should treat them with respect. That will support the idea of them treating your property with respect. This means responding to their concerns with regard to fixes in a timely manner. It also means being flexible with things like decorating the apartment to their own tastes.
The most important boundary you need to establish with your tenant is paying the rent on time. A good way to secure this is to set up direct deposit into your bank account. That way they’ll be no excuse with a check getting lost in the mail or forcing you to go around door-to-door to collect the rent. If you’re going to establish late fees, then you need to enforce late fees. Anytime you provide a “grace period” you will be setting yourself up to getting the rent late every month.
Just as you probably wouldn’t fix your own plumbing, there’s no reason why you have to fix the plumbing at your rental property. You do need to provide is a reputable plumber who can handle that situation. In fact, you should develop relationships with many professional vendors to support your property. One of those should definitely be Junk King Boston. These are the expert junk haulers who will be a big asset anytime you need to clean up a vacated apartment. One session with Junk King Boston will help you maintain your status as a successful landlord.