Some people out there dream of becoming a landlord…
Quitting the daily 9-5 grind.
Countless tax deductions.
Raking in the passive income.
Sipping margaritas in a private bungalow overlooking the water in Bora Bora. Living the dream, right?
The truth is, the life of the landlord is not all about collecting rent checks and claiming huge tax write-offs. There is a LOT more that goes into it. I’d even argue it’s one of the more demanding jobs out there.
Whether it’s putting together lease agreements and marketing plans, handling evictions, screening prospective tenants, abiding by Fair Housing laws or managing outside vendors, every day presents a unique set of challenges, each coming with it’s own headaches. Often, managing so many different responsibilities can quickly become overwhelming for a first-time landlord.
Despite the challenges, with a proven process and a realistic set of expectations, “landlording” can be very rewarding, both personally and financially.
If you’re considering managing your own rental portfolio, check out the infographic the team at Jacob Grant Property Management have put together below covering 20 actionable tips you can use to become a successful landlord. It covers everything from multi-media marketing and lease agreements to Fair Housing laws and lease targeting best practices.