5 Things All Successful Landlords Should Know
If your dream of being a landlord is about to come to fruition, there are a few things you should know about owning and managing real estate. Whether you approach the property as an investment or as a business , there are some things all successful landlords should know. 1. Tenants The lifeblood of a successful real estate investment is the tenant. Make sure you find good tenants with dependable backgrounds, if possible; and try to understand the statutes and laws governing landlord application refusal protocols before you decline rental to anyone. 2. Business Long-time landlord and property developer Steven Taylor strongly suggests you remember your real estate property is a business and must be run as such. You may find you need help from an accountant, attorney, or property manager – so, let them help you. 3. Price Keeping your building full is important but pricing the units below market may attract poor tenants. Understanding fair market rental prices in the area can