Trying to become a landlord can be a bit frustrating. Especially if you have little to no clue about what you’re doing.
This is why Clearhaven Lettings is always here to help. Our goal is to guide you through. Today, we have gathered some great advice from experts which can serve as your guide being a landlord.
Ask for your tenant’s previous landlord contact and employment information.
When tenants apply to rent your property you need to have space on your application for not just the current landlord’s number, but as much previous landlord contact information as possible. If the tenants are problematic, the current landlord may just want them out and neglect to tell you the whole story. The prior landlord who is no longer involved provides a much more accurate referral about the tenant.
It’s incredibly important to have their employment information filled out, if they cannot remember their work number this should be a red flag. If their employment history shows a habit of moving from job to job every other month, it’s another red flag. Constant new jobs could indicate problems with having money for rent in a timely fashion. – Bill Biko
Know Fair Housing Laws
For some reason, many investors choose not to educate themselves on fair housing laws, and there can be serious implications if you violate them.
There’s no excuse to not educating yourself on the laws in the real estate industry. Landlordology has created several easy-to-follow guides on fair housing. – Jimmy Moncrief
Start Adding Systems NOW
You’re just a “mom and pop” landlord looking to make a little side income, right? No need to hone your methods or organize paperwork.
WRONG. If your ultimate goal is to achieve more free time and not be tied to your day job (and yes, landlording can definitely be a demanding day job), you’ll do yourself a HUGE favor to start building systems now. That way, when you’re the proud owner of 10, 20, maybe even 50 rentals down the road, you’ll be able to step away seamlessly for that early retirement — and your business will still run like a well-oiled machine. – Brandon Turner
Do you have more tips for a fellow landlord? Let us know in the comment section below!