Everyone has a story about their Landlord at one point or another. One of the biggest perks of buying a new home is that you become your own Landlord. But what if you decided to buy an income property and you have tenants. You are now the Landlord and the homeowner. That is a lot of responsibility. Here are a few tips on being a responsible Landlord.
Don’t be too nice
One of the biggest issues with becoming a Landlord is that you can be too nice to your tenants. You have to look at the property as a business. In essence, it really is. People are paying you for the service to live on the property. You are providing a product. This means you have to be accommodating but it also means you need to assess risk and benefit. You don’t have to be mean or be a scrooge, but just take an assessment of yourself, and try and not be too nice.
With the mindset that being a Landlord is a business, that does mean it is work. It is going to be work and you will need to spend time at being a Landlord. This will require lots of legwork and hands-on management unless you hire a property manager. There are pros and cons to hiring a property manager so be sure to fully understand what it means.
Having worked in civil court, the majority of the cases that weren’t family related were Landlord-Tenant conflicts. It is crucial that you understand your rights as a Landlord and the rights of your tenants. Even though you own your building, there are certain safeguards in place for you and your tenants. Know the laws and rules because they are on all levels such as Federal, State, County, and Local.
There are a lot of benefits of having an income property and being a Landlord. Go into with open eyes, become familiar with your building, the renters, the laws, and property management services that can help you in the long run. Put as many safeguards in place for you and your tenants and you should have an overall good experience being a Landlord.