Monday, August 24, 2015 / by Robert Fyfe
How to Become a LANDLORD.
Fixing up a basement suite or buying a duplex to rent out may seem like an easy way to make money - but it’s harder to be a successful landlord than you think.
5 Things you need to consider :
1. Is it a money maker?
general rule for the strategic real estate investor = Rate of Return of 8%
Cash flows in any market.
2. Get your Legal Issues in order.
Understand the law and your legal obligations. Write good Leases.
3. Find the right Tenants.
Advertise is becoming easier with online sites. Due your due diligence ; credit report, employment verification and call reference landlords.
4. Keep your Tenants happy!
Be responsive when you have any issues. Upgrade things when you can. Be fair.
5. Take Prompt action on Bad Tenants
A quick and aggressive response to bad tenants is necessary to minimizing damage or loss income.
Thanks for reading.