Tips All Landlords Should Know
Updated: Sep 20, 2018
Wednesday, June 19, 2018
Owning rental property can be a great way to earn income but like any other business, it comes with work. I have outlined some important tips to consider when becoming a landlord. A local Realtor can also help navigate the world of rental properties!
· Treat your rental property as a business. Keep finances separate from your personal so you can really see what is coming in and going out. You might consider setting up a limited liability company (LLC) for your rental especially if you decide to own more than one unit. Be aware of your state laws pertaining to landlords and tenants. Obtain proper insurance on the property.
· Set up your listing and application process. Have a Louisiana (or applicable state) rental agreement along with any addendums you may want to include. Having a clear, outlined lease will save you headache down the road. You will want to screen each applicant with a credit and background check. These are all items a Realtor can tackle along with marketing to ease the process for you.
· Consider setting up an online payment system. It is a quicker and easier way to collect rent, not to mention easy to track. Keep a file for all payments, repairs, requests, receipts etc.
Have more questions? Drop a comment below or email me at email@example.com. I'm always happy to offer more insight!