So, you want to be a landlord?
Being a landlord is a multifaceted role. Not only do you own the property, but also you may decide to manage it yourself. As part of that process, you must find suitable tenants who can show that they have good credit and can afford the rent, have paid rent on time at other properties, and have kept the places they lived in good repair.
You must determine what the rent should be, handle routine and emergency maintenance, keep track of related finances, and ensure you have the appropriate licenses.
It’s also important to have a thorough understanding of local rental and tenants’ rights laws and homeowner or condominium association rules.
And let’s not forget compliance with fair housing laws. Many people find this daunting and opt to hire a real estate agent to, at minimum, determine the rent, market the property, vet the tenants, and complete standardized leases.
