If you’ve ever had the desire to become a landlord, this is an amazing goal. You’ll be able to own property, make money off of it and build wealth. Plus, you can pass properties down to the next generations and continue the financial prosperity. However, when you’re first starting out, there are a few tips you’ll want to remember. Consider these three tips as you work on becoming an incredible landlord within your community.
1. Hire a property management company.
A property management company is an amazing resource for one main reason. They’ll serve as the official liaison between you and the tenant. For many landlords, tenants can be such a headache. Instead of dealing with this, you can use a reputable property management company. For payment, many property management companies take a percentage of the rent. This is an excellent trade-off for a landlord who wants to decrease the amount of stress and responsibility they need to endure each month.
2. Stay on top of repairs and updates.
When you’re the landlord, you’re now responsible for the broken toilets and the leaky faucets. While the tenants will know to call the property management company regarding issues, the company will simply expect you to make moves. If you really want to be a landlord that runs everything on automation, make sure you have vetted specific companies you can call on for repairs. Whether the tenants are in need of Tampa FL HVAC or a new sink, make sure you have money set aside to cover the expenses. Furthermore, make sure these repairs happen in a very timely fashion.
3. Keep proper documentation.
If there’s a leak or property damage, you’ll want to take pictures of everything. You’ll also want to document the issues and keep an on-going file. Keep receipts for any repairs, purchases or payments you’ve needed to make. All of this documentation will really come in handy when tax time rolls around. Plus, if you’re ever in a position where a tenant tries to sue you, you’ll be able to be prepared with the proper documentation to present your case.