Owning rental property could theoretically be a great way to supplement your income. If you’re looking for a simple way to make a few extra bucks, that’s probably not it. But if you like a good adventure, here are three DON’Ts for future landlords…
Don’t expect consistency: If you’re lucky enough to find a good tenant who’s not dealing with a lot of change in their life, they may end up living in your property for a long time. But things change and so do people’s needs. You probably won’t have someone new ready to move in the minute a tenant moves out, so budget accordingly.
Don’t forget to research: Before committing to a potential renter, make sure you do some thorough research. Using the Google machine and requiring multiple references are two good ways to make sure you’re not getting a terrible tenant.
Don’t be too nice: Look, I’m not saying you should not be a nice person, just don’t be so nice that your tenant can take advantage of you. For example, let it be known that the rent is due when it’s due and late payments (other than some extreme emergency) will indeed be a problem.