Owning a rental property is a great way to develop your net worth and earn some extra income. It comes with a lot of responsibility and can be intimidating especially if it is your first time owning
3 Tips To Become A Better Landlord
Dated: September 16 2019
Rental properties are one of the best ways to earn passive income and build wealth, but “passive” is a little misleading—it can still be a substantial amount of work. However, with a little planning and dedication, you can run your properties efficiently while also keeping your tenants happy.
Treat it like a business
Successful businesses have plans and procedures that keep things running smoothly, and the same should be true for renting and managing your properties. That means committing to customer service, outsourcing work appropriately, and paying close attention to income and expenses. Don’t just assume that you’ll collect a check each month and everything else will be a breeze.
Thoroughly vet your tenants
Collecting applications, interviewing tenants, and checking references means a lot of legwork up front, but it’s worth it in the long run. Choosing the right tenant could mean going years without incident—no late payments, no legal issues, and no property damage. Choosing the wrong tenant could mean monthly calls and visits to collect late rent, expensive property damage and repairs, eviction processes, court dates, and a whole lot of stress.
Make sure your lease is rock solid
Lease agreement laws vary from state to state, so don’t cut corners—find a lawyer who specializes in lease agreements. You’ll be glad you were thorough if you ever have legal issues with a tenant.
Are you looking for a rental property? If you are ready to make your second purchase, call or text 907 570-6757 or 907-720-4663 so we can help you start looking for your second home in Alaska.
Vanna has called Alaska home for the past 15 years. As a mother, real estate investor and previous business owner, Vanna brings many different perspectives when working for her clients. She has been a....
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