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So, You Wanna Be a Landlord

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We often hear people talking about wanting to be a landlord. So, you wanna be a landlord? Here are some things to think about. There are many of the things that a landlord has to do:

  1. Research and set rental price
  2. Establish a bookkeeping system for tracking income and expenses
  3. Participate in local landlords’ associations (suggested)
  4. Learn the key laws and ordinances that are relevant to the areas you’re looking to rent in (city, state, township, etc…)
  5. Advertise your properties for rent
  6. Respond to prospective tenants
  7. Clean property so that is shows well
  8. Show property to prospective tenants
  9. Review tenant applications, credit reports, references, etc…
  10. Draft and negotiate leases or rental agreements
  11. Supervise move-in
  12. Collect and manage security deposit
  13. Respond to tenant issues and inquiries
  14. Collect rent
  15. Respond to late rent and other violations of the lease / rental agreement
  16. Pay expenses such as; mortgage (if applicable), taxes, insurance, utilities, etc…
  17. Prepare annual tax paperwork
  18. Evaluate and fix problems and contact maintenance repair people
  19. Supervise tenant move-out
  20. Evaluate the condition of the property to decide how much of security deposit to return
  21. Handle disputes between tenants (multifamily) or disputes / complaints from neighbors
  22. Arrange for evictions if needed
  23. Arrange for lock-outs when needed

This is a list that covers many of the things that a landlord had to take care of. Or, you might consider hiring a property management company. They will take care of a bulk of the above.

If you’d like to learn more about being a real estate investor or rental property owner, get in touch with us.

About the Author

Avi Cohen

founder of Outside In Enterprises, LLC.

View all posts by Avi Cohen →

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