Previously this month we talked about how to find the right house or apartment to use as a rental investment. Now we are going to discuss ways you can make a success of your rental property by becoming a good landlord for your tenants.
It all starts with how much you decide to charge for rent. You naturally want to have a quick return on your investment, but you should still think this through carefully. If you charge market value or higher, you will get that good initial return you desire, but you may also end up with a greater turnover of tenants or even someone irresponsible financially. On the other hand, if you charge a little less each month, there will be more interest in the property, which gives you more choice of tenants – they may even stay for a lot longer as well.
Another important key to success is making sure the property conforms with local city standards for rental housing. These requirements are in place for the safety of the tenant and must be adhered to. If you disregard these standards, you could also get into trouble.
Put money aside from the rent each month towards the upkeep of the rental property – this way, you will have the funds available when an unexpected expense occurs.
Lastly, before a new tenant moves into your property, give the place a new coat of paint and make sure there are no safety hazards. You should also make sure the home is thoroughly cleaned. All this will help you to make a success of your rental property.