Helpful Tools and Resources for Landlords

I always had the plan here at Grandma’s house to become a landlord someday. The longer I am here it becomes more and more clear to me that my initial hope to make my basement a rental is definitely the smartest and most economical way forward. I am still year from getting to that point but I will admit a certain amount of apprehension.

Will I find a good renter? How on earth am I going to find a good renter?!

Does a single person who doesn’t have pets or kids or basically just a quiet, clean hermit even exist?! I honestly don’t know lol.

But, someday, I know I will be adding landlord to my many hats!

(This is a contributed post, for more information about my compensation please read my disclosure policy)

Becoming a landlord may seem like a quick-and-easy way to make money, but pursuing this endeavor is a huge investment. Being a landlord isn’t about collecting rent; it involves committing time and money to not only your own property, but to your renters, too.

This is not an easy job, nor a 9-to-5, but there are helpful tools available to assist you in making the perfect home for your tenant and a sideline paycheck.

Landlords wear many hats, and one of the most important things is that they maintain a safe and liveable environment for their tenants.

Reading articles by experts is a great place to start before you take on such a huge responsibility. Because as you’ll soon find out, there are so many things to consider before becoming a landlord.

The first thing you should consider?

Choosing the right tenants for your property. Thankfully, performing a tenant background check free is super easy. And whether you are new to managing a property or have been in the game for a while, it never hurts to get different and helpful perspectives.

And don’t forget to review the tax side of things, which is often overlooked.

Becoming a landlord has many legal implications that should not be taken lightly. It is extremely important that you check your local and state laws or get legal advice when you are unsure of something’s legality.

In addition to the laws, there is quite a bit of legal documentation involved. There rae plenty of online resources to help you navigate paperwork and learn how to handle evictions. The U.S. Department of Housing and Urban Development (HUD) is a useful resource for landlords, especially if you have tenants using Section 8 vouchers.

They provide important information about your and tenants’ rights as well as links that will help you stay on track with your legal requirements.

It would be crazy to assume that you will never run into issues with your property, whether it be leaks, unwanted insects and damage.

It definitely helps to respond to a problem as soon as possible. Experts recommend hiring a company/contractor to have on call when you need them. Though you may want to save costs by performing repairs yourself, it may be best to contract an experienced expert.

A service such as Angie’s List can help match you with someone in your area to have on call so you can lessen tenant turnover.

For those supplying major appliances to your tenants, it is definitely important to have a warranty in place to make sure you do not spend more money than needed when a problem occurs.

Probably the most obvious responsibility of a landlord is collecting rent from tenants. In this heavily digital age, most tenants might find it more convenient to pay online; however, other tenants may still want to pay rent the more traditional way by either mailing you a check, giving it to you directly or dropping it off at a agreed location.

Regardless, make sure you keep your paperwork organized in a pocket folder or binder or by using digital tools.

(This is a contributed post, for more information about my compensation please read my disclosure policy)