Owning a rental property can be an excellent asset for generating extra income. Some people even go into the rental business full-time, completely living off of their rental properties. Owning property is a good investment. When you live on the property you are generating expenses; when you rent the property out, you are generating income. However, being a landlord is not for everyone! If you are considering becoming a landlord, full or part-time, consider the following factors.
Dealing With a Wide Variety of People
Tenants come in all types; the “keeps-to-themselves” type, the “noisy” type, the “destructive” type and other types. When taking on the role of landlord you must be able to successfully deal with a wide variety of personality types. Tenants are renting the property and do not own it. Thus, they will not care for the property the way you would. If you are not a “people” person, consider hiring a property manager. For a rental business to function properly, you will need someone who can handle a wide variety of personalities successfully.
When Problems Arise
Are you a “do-it-yourself” kind of person? Those who are successful in the rental business often share a particular set of skills and desires. For example, successful landlords are often “handy” people who fix problems around the house like a leaky faucet. Hiring contractors can be expensive. If you can fix minor problems yourself, you will save a lot of money in the long term.
Occasionally you may run into a problem that you are not able to fix. When this happens, you need to have the right person to call who can fix the problem quickly. Take time to build professional relationships.
Help For Landlords
Even if you are a “part-time” landlord, being a landlord is a 24-hour-a-day job. When something goes wrong with your rental, like an overflowing toilet, you are the one who gets the call and has to fix it. Some landlords opt to hire a property management company. These companies can handle the management of your property, from finding tenants to fixing problems.
If you want to handle most of the duties of a landlord yourself, consider utilizing the services of CheckPoint Screening. Because you are investing so much time and money into your rental property, ensure that the right tenant will be living there. Using Checkpoint, you can run tenant background checks, create applications and leases, and more.