Looking at how housing prices, particularly rents for homes, are going up rapidly, becoming a landlord is on everyone's radar. If this career path entices you, then good thinking!
But there are certain things you will need to know to make this path smooth. It's not as easy as buying any random property and renting it out. Keep reading this landlord guide to learn more.
Find a Rental Property in a Good Area
The most critical step in the entire process of becoming a landlord is to find suitable properties that are easily rentable in areas that are enticing to renters. There's no point in buying a property in a remote location, even if it comes at a great price because you will have a hard time finding solid renters who stay in it for a long time.
Buy Property After Doing Inspections and Checks on It
Once you have done the appropriate inspections on the rental property, ensuring the foundation, basement, roof, and everything else is in order, you can bid on the property. If your offer is accepted, you become the proud owner of a rental property. Congratulations!
Market the Property to the Rental Populace
There are many great websites nowadays that you can post your rental property on. But don't restrict yourself to only doing that.
For example, you can post on Facebook Groups meant for rental seekers, or you can even do posts on other social media platforms to entice renters to your property.
Rent It Out (Follow State Guidelines)
Depending on your state, there are strict guidelines on how much rent you can charge, how you should treat tenants, and how to evict a non-paying tenant.
Make sure to read up on this and follow the rules to a T. This way, you won't have to spend time in tribunal court convincing them that you are an excellent landlord stuck dealing with a bad tenant.
Keep Your Tenants Happy and Manage Them Well
The happier your tenants are, the longer they will stay with you.
Once you have a good tenant who pays on time and doesn't cause noise or any other disturbance, you must do everything you can to keep them around. You can even hire a property management company if you find managing tenants too tricky.
Rinse and Repeat: Becoming a Landlord 101
Once you have followed the landlord guide above, you are already well on your way to becoming a landlord. Keep buying new rental properties and add them to your burgeoning real estate investment portfolio.
If you are finding it too strenuous managing all your rentals on your own, contact 33rd Company Property Management in Minneapolis. We offer an award-winning property management service that you can trust.
We will even give you a free rental analysis to help you figure out how much rent you should charge on your properties.