Many of our investors rent out their properties which can be an effective way to get a great return on your investments. But being a landlord can sometimes come with it’s own set of issues. With the proper planning and structure, you can be a successful landlord and avoid a lot of typical problems. Here are 10 habits successful landlords practice to get the most out of their residential real estate investments:
- Treat land-lording as a business. Develop a system and a set of written procedures for all steps in your rental process.
- Get a good state-specific lease and be sure it is clear regarding all expectations you have for your residents.
- Be Safe. Screen your applicants’ credit history, eviction records and criminal background.
- Treat your residents respectfully and in a business-like manner.
- Conduct regular inspections of your properties.
- Enforce your rules consistently and immediately.
- Keep good records and document everything.
- Join and participate in your local landlord association to get continued education and support from your peers.
- Familiarize yourself with state landlord tenant laws where you own property.
- Become an expert on your local rental market. Know what other landlords and property managers are charging, offering and doing.
Don’t expect to get rich quick. As with any endeavor, preparation, hard-work and perseverance will pay off over time.
Meridian Trust Investments has been making successful real estate deals in the Florida marketplace with buyers and sellers at all levels for over a decade. Our business continues to grow and flourish despite the challenges the real estate market has experienced. Our clients can consistently count on us to find the best deals, close on those deals and get the property ready to rent or resell.
To learn more about real estate investments, short sales and foreclosures in Broward, Palm Beach, Dade, Hillsborough and Pinellas counties, contact us today.