Landlord Fundamentals 101 Part 2-what do you need to know to own a profitable rental property?
What landlord fundamentals do you need to know to own/manage a residential rental property? Buying a rental property is a calculated risk that comes with many responsibilities. This is the second in a two-part series of eleven landlord fundamentals.
Article 1 covered the first six fundamentals including:
· types of property and tenants
· the exit strategy
· calculating cash flow of a property
· how to attract the best tenants
· what to charge for rent
· how to pre-screen tenants
· what information to gather on the application form
Today’s article includes the last five fundamentals including;
· the process of validating tenant references
· and what questions to ask,
· lifespan of home components in your maintenance plan
· an overview of the RTA
· Minimum Housing and Health Standards
· what legal forms landlords need
Landlord Fundamentals #7 — Employer and Landlord References
References give you insight into your tenant’s character. I’ve found there are common personality characteristics that show up in reference checks. But, how do you know the references provided on the tenant application are the real deal? By doing a little investigation. It’s kind of fun to do and yes, it is time-consuming. In the long run, it’s much less of a hassle than spending months trying to oust a bad tenant who could be trashing your property while enjoying free rent.
Have you ever wondered if your tenant’s references are bogus? Make screening your tenant’s reference checks part of your vetting process. Although it takes a little time, reference checks done well save you time, money, and heartache. Following these three tips for screening your tenant’s references will put you on the path to success.
- Prepare your questions
- Investigate and validate
- Commit to a phone conversation