Being a landlord isn’t simple and plain! If it were, then everyone would be doing it. As a landlord, you have to deal with tenant complaints, rent collection issues, and what can seem like endless, high property maintenance costs. The role of the landlord is a unique opportunity for investment and business. The DIY landlord is a dream career for some if you are an expert at planning and budgeting for house upkeep. In fact, being a landlord can become a highly successful source of income if you manage your properties efficiently and effectively.
Your primary goals should be to protect your investment, comply with all the laws that govern rentals, and make some money along the way. Landlords have a natural tendency to not spend too much money on a place that is going to be rented. In return, many landlords only get the bare minimum things done. The problem with this is that genuinely spending money on a rental property pays better dividends in the long run. It’s never too late to do the right thing. Following is a quick guide reviewing all the things you shouldn’t be doing as a landlord in order to live a more stress-free and wealthy life.