Investing in rental properties has become increasingly more popular. Many of these landlords are seasoned veterans whereas the others are completely new to the game.
You can easily spot those who are first time landlords. How?
Rookie landlords make rookie mistakes:
2. Don’t think of their rental as a business
Being a landlord is a second job. Treat it as such and you will be successful.
3. Don’t know the tenant-landlord laws
You must understand landlord-tenant laws as they are very involved in the state of MA. You need to understand your legal rights as well as the tenants. One of the most common mistakes that most landlords make is not properly managing their tenants security deposit.
4. Are pushovers
Don’t accept the sob stories when rent is late. Remember, this is your business and they should have signed a lease stating that rent is due on the _ of every month. Don’t get in the habit of accepting late payments.
Don’t be cheap when it comes to sprucing up your rental! Its so easy to paint and install new floors, but often times rookies skip these simple tasks which in turn decreases tenant interest resulting in lowering rent. In the long run it will cost a landlord more in the long run to not make these simple upgrades.
As exciting and profitable owning an investment property can be, you must understand all that goes into owning and running them. The more you know, the more your business will thrive, the less problems you will have to handle and the better your reputation as a landlord will be.