You can achieve this dream lifestyle by buying an investment property. Becoming a landlord doesn’t have to be difficult when you follow these five easy steps.
1. Secure a Rentable Property
The first step to becoming a landlord is purchasing a desirable rental property. You need to have something that’s safe, secure and well-maintained to attract the right types of long-term tenants. Whether it’s a basement suite, a condo or a single-family home, make sure you invest in a property that will be in demand.
2. Attract Great Tenants
Once you’ve got the right rental property secured, think about your ideal tenants. Do you have a basement unit ideal for college students? A downtown condo suitable for working professionals? How about a vacation rental for seasonal tourists?
Whatever the case, make sure you know the type of tenant you’re targeting. Then, advertise your property in places where you’ll be found by these ideals tenants. This might be Facebook groups, Craigslist or in your local news bulletins.
3. Screen Your Applicants
As you attract a pool of potential tenants, be sure to screen them properly. Learn about their work and income history, lifestyle and long-term plans. Don’t forget to ask them about why they’re looking to rent. You can also gather employment and past landlord references to get a better feel for who they are.
4. Draw Up Rental Contracts
Once you’ve found your ideal tenant, it’s time to draw up a rental contract. Rental contracts need to follow municipal, state and federal regulations, so it’s important to familiarize yourself with tenancy law. A basic rental agreement includes the rental amount, the payment date and any rules you want to implement. This can include restrictions on pets, parking and smoking.
5. Property Management
Congratulations, you’re a landlord! But your responsibilities don’t end here. As a landlord, you need to conduct regular inspections, maintain your property, address any concerns your tenants have, make immediate repairs, and generally ensure the successful operation of your business. These types of things are what help keep you from making mistakes. It’s a lot to take on, but if you’re prepared and organized it can end up being a lucrative and rewarding role.
Work With The Realty Medics
There are ways for landlords to run a successful business, make money and not have to worry about the downsides of owning an investment property. You can do this by partnering with a professional property management company like The Realty Medics.
The Realty Medics is a full-service property management and real estate company qualified to handle all the steps to becoming a landlord. We can help you find you a great income property, put together a marketing campaign to attract ideal tenants, screen applicants, and manage your business operations.