Becoming a landlord can be a great way to earn extra income. If you’ve heard about the benefits of being a landlord, you may be wondering what it takes to actually get started.
Unfortunately, there are quite a few myths surrounding the process. Let’s bust the most common myths about becoming a landlord so you know what you’re getting into.
1. You Need a Lot of Know-How
While starting as a landlord does mean you’ll need to learn a lot, it doesn’t mean you need formal education or previous experience.
Since there are quite a few regulations you’ll need to follow, hiring help can be the best way to go as a first-time landlord. A professional property manager can make sure you do everything you need to. This will protect both you and your tenants.
2. You Can Enter the Property as You Wish
Yes, the rental is your property. However, all tenants have a right to their privacy. This means you may need to give notice up to 24 or 48 hours ahead of time.
There may be exceptions for emergency situations, but it’s best to be clear on these before entering the property.
3. You Can Evict a Tenant at Any Time
Just because a tenant is late on their rent or not paying doesn’t mean you can just evict them. There are a lot of state and local laws that govern when and how you can do so. If you need to file for eviction, you’ll be facing a legal case that your property manager should be able to help you with.
However, before it gets this far, try to discuss the situation with your tenants. A lot of problems like these can be smoothed out with open communication.
4. It’s a Full-Time Job
If you have multiple large properties to manage, being a landlord can be a full-time job. However, if you have only one or a few properties, you can do it in addition to your day job.
There are a lot of landlord responsibilities you will need to juggle. If you want to make your life easier, you may want to consider hiring a property manager. A manager can handle the day-to-day tasks as well as the bigger ones such as finding tenants and managing maintenance.
5. The Landlord Handles All Maintenance
As the landlord, there are certain maintenance tasks that are always your responsibility. This includes plumbing, heating, and electrical issues. However, if any damage is caused by your tenants, it is not your responsibility.
Some landlords outline certain tasks that they want to delegate to their tenants. If you go this route, make sure to clearly outline them in the lease agreement.
6. A Good Credit Score Means a Good Tenant
Checking a potential tenant’s credit score and income is a great way to determine if they will be able to pay their rent on time. But, this isn’t the only thing you should do before approving a tenant.
Your tenant screening process should also include asking for references and meeting with them in person. Doing so will allow you to get a good feel for how it will be to work with the tenant.
Don’t Believe These Myths About Becoming a Landlord
There are a variety of myths surrounding becoming a landlord. If you want to learn how to be a landlord, it’s important that you know which landlord myths to avoid. That way you get a clear picture of what’s actually involved.
If you want to make being a landlord easier, contact Outland Real Estate to discuss our property management services today!