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How to Become a Landlord: The Basics Explained

Did you know that over 44 million people in the United States rent instead of own their homes?

When it comes to renting, it’s the landlord’s job to ensure the place is livable and the tenants are happy. Since it’s a people-oriented career, many people find it fulfilling. Plus, it can end up paying quite well.

Are you wondering how you can do it? Keep reading to learn all about how to become a landlord.

Set Up an Attractive Property

If you’re serious about becoming a landlord, then you should invest in at least one property that has a high potential for profit. Whether you go for an empty lot or a few houses that need renovations is up to your budget. Whatever you do, it’s important to set up a living space that fits the legal requirements of your state.

Instead of doing just the bare minimum, it can pay off to make the property as beautiful as possible on the inside and outside. The goal is to attract tenants who can stay for a long time rather than have a revolving door of disappointed people.

Screen Your Potential Tenants

Do you need more landlord tips? If so, be sure to screen tenants before signing anyone on to stay on your property. The last thing you’d want to do is get people who don’t pay on time and engage in illegal activities.

Aside from the screening process, it’s essential to have them fill out the appropriate paperwork, such as a lease agreement. In some cases, you’ll need to get lease enforcement.

Be Open and Caring

Are you still asking yourself, “What does a landlord do?” Once you have tenants, you should make sure your door is always open for work orders, suggestions, and more.

If you’re hard to get in touch with and don’t return phone calls and emails, for instance, then you can expect frustrated tenants to start knocking on your door. After that, it’s only a matter of time before they give you the keys and take their business elsewhere.

Foster a Community Environment

It can also be a great idea to throw community-bonding events like cookouts, pool parties, movie nights, and other awesome activities. That way, people can feel more like neighbors and less like strangers.

Going the extra mile makes a difference between having a dead-end job and having a fulfilling landlord career.

Now You Know How to Become a Landlord

Now that you’ve learned about how to become a landlord, you can make sure your tenants are as happy as can be. By meeting their needs, you can expect your tenants to stay for many years to come. Over time, you can expand the number of properties and tenants you look after.

Did you find this article informative? If so, you’re sure to be entertained by the variety of content featured across our site. From articles on real estate and pets to tech and travel, you can always count on us for well-researched and up-to-date info.

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