Are you considering purchasing a rental property? Being a landlord can be quite rewarding, both financially and personally.
Before you take the plunge, check out the top five things that you need to know before becoming a landlord.
#1 – Being a Landlord Requires Your Time and Attention
You buy a property, and someone else pays the rent while your property appreciates in value. Sounds great, right?
Well, it is great. However, don’t be fooled into thinking that all you have to do is take checks to the bank. Being a landlord does require your time and attention. It’s not your typical work day, though.
There may be weeks where you only have to spend an hour dealing with your rental property, and there may be other weeks that require 10 or 20 hours of work.
That doesn’t mean that you should give up on your dream of being a landlord. You can still do it, and even balance it with a full-time job.
You just need to have a plan in place for dealing with issues. This could mean hiring a property manager or having a contractor on call to deal with repairs.
#2 – Landlords Play Many Roles
Again, you will do more than just collect the rent. A landlord needs to be able to adapt and play many roles, including that of a salesman, realtor, debt collector, detective, negotiator, and repairman.
If you don’t have all of these skills today, that’s ok. Many of them can be learned on the job, and you can employ other people, like a property manager, to assist you.
#3 – Landlords Have to Learn the Rules
There are rules and regulations that govern everything from how you choose a tenant to how you install smoke detectors. The Fair Housing laws cover discrimination in housing.
They basically state that you can choose a tenant based on their credit rating or criminal history, but not based on their age, gender, race, or disability.
There are safety and health codes that regulate the use of lead-based paint, the installation of smoke detectors, and the treatment of pest infestations.
There is a legal process for evicting tenants, as well. Learn the rules and regulations before you rent out your property.
#4 – Expect a Learning Curve
Regardless of how much you prepare, there are some things that you have to learn through experience.
Over time, you will find that your on-the-job training has taught you things that you couldn’t learn otherwise, and you’ll also learn to trust your gut instinct.
#5 – Being a Landlord is rewarding
Being a landlord is very rewarding work.
This is due largely to the fact that this is something you have done on your own instead of working for someone else. You took the initiative to find a rental property, improve it, secure tenants, and rent it out.
Now you are seeing the financial rewards for your own hard work. Being your own boss gives a great feeling of freedom and success.
If you are considering becoming a landlord, you should get in touch with McMath Realty to learn more about the responsibilities of landlords and tenants.
We offer a variety of services to assist you in maintaining your property, includinginvestment consulting,property management,rental management,property inspections, and home maintenance services.
We manage rental properties in Chandler, Mesa, Gilbert, Scottsdale, Phoenix, Glendale, and all areas of Maricopa County.
We can act as property manager for your rental unit. We can do everything from advertising your property, securing a high-quality tenant, maintaining the property, collecting rent, and dealing with problems.
We also use signage to attract potential renters who are out driving around and looking for rental opportunities. We will assess your property, recommend improvements, and help you price your unit appropriately.
Contact McMath Realty at https://mcmathrealty.com//contact.php to learn more about how we can help you keep your rental property in great shape so that you can keep your good renters or attract the best new tenants!