Congratulations! If you are reading this, you most likely own your first rental or you are thinking about it. Being a landlord can be an exciting thing. After all, it’s one of the proven paths to wealth and passive income. Rent comes in month after month, hopefully, year after year and you don’t have to do much. Easy money, right?
Well, not quite.
Property management is not easy if you don’t know what you’re doing. Rookie landlords make expensive mistakes.
A rent price that’s too high can leave your property vacant for months. A lack of tenants can make you desperate to get anyone into your rental, and the wrong tenant can cost you thousands of dollars! Don’t forget, you may have to chase down rent and evict bad tenants.
That’s just the tip of the iceberg.
Now that I have your attention, you might be thinking:
That sounds horrible! Why in the world would I want to do this myself? Isn’t that what professional property managers are for?
It’s simple. You are the best manager on earth for your property. No one cares as much about it as you do (or as you should). You’ll also save money and keep all of the control.
If you have only one or two properties, learn to manage them yourself first. After you know what’s involved, you can hire a manager in order to grow your portfolio.
I am an investor and a professional property manager who has overseen hundreds of properties. This guide is a crash course in managing your own property and it will help you deal with everyday problems as a landlord.
Step-by-step, I’ll walk you through the entire process, including topics like preparing your property, marketing, screening tenants, moving in, tenant relationships, and moving out.
I’ll share stories from my experience, avoidable mistakes (that are all too easy to make) and, most importantly, countless tips to make you a successful landlord. Throughout this guide, you will find convenient checklists and links to downloadable forms.
Let’s get started.