Things to Know About Becoming a Landlord
Being a landlord can be a lot more work than it might at first appear. The seemingly effortless process of owning a building and allowing people to live in it in exchange for rent actually involves a lot of maintenance work on the building and overseeing of tenant activities.
Real Estate Investments
Many landlords fall into the role as part of being real estate investors. Investors rent space in a building to tenants as a means of covering the carrying costs of a building while they hold onto it in hopes that its value will increase. Be sure to develop your skills as a landlord as well as a developer if you go this route; the two roles require somewhat different skill sets. You may be holding onto your property for a number of years before you sell it, so try to attract long-term, stable tenants who can pay their rent on time.
Maintenance
Buildings are constantly in need of maintenance and attention, and periodically require major and expensive repairs. In some cases, major repairs will require keeping an apartment vacant for a number of months, and this will cut into your profit margin. Maintaining a building to a high standard is expensive, but necessary if you hope to attract quality tenants who are willing to pay higher rents for a nice place to live. Some landlords undertake maintenance and repair on their own, while others hire the services of a property management company.
Tenants
Having bad tenants who abuse your property or fail to pay their rent can transform your profit-making scheme into a nightmare. Once you allow tenants to move in, they have legal recourse to prevent eviction, so the time to find out if they will be a problem is before you hand them the keys. Personally interview potential tenants, get references from them and follow up by talking to the references. Once tenants have moved into your building, maintain good relations with them by taking good care of the building and responding to their concerns promptly and professionally.
Equity
If you have chosen well and bought a good building in a prime location, its value with increase over the time that you own it. You can maximize the equity that you gain in the building by maintaining it meticulously and by upgrading it over time. Set aside a percentage of your rental income for things such as new roofing, furnace upgrades and landscaping improvements. Consistent maintenance over a period of years will create a better building than one that is quickly patched up prior to being sold.
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