Become a Successful Landlord in Rental Property Business with 10 Simple Steps
Many first time landlords fail in rental property business due to the lack of investment property maintenance
knowledge and adequate landlord insurance protection. Rental property business could be a great income source if well maintained. I have listed out some crucial step by step
procedure to maintain a rental property successfully for the landlords.
Follow these 10 major steps
Step 1: Do Some Research The research will help you learn:
Rental laws
Responsibilities as a landlord,
Insurance policies
Management costs
Step 2: Find Appropriate Property
Find out what types of property is selling near you
You can seek help from lenders and mortgage insurers
Select your property that suits you
Step 3: Register Your Property
Register your property with the state or county business department
Register to the local tax office
Get your business licence
Step 4: Furnish Your Property
Paint with natural and appealing colours
Install high-quality appliance
Create extra bedrooms
A well-decorated property always rent for top dollars
Step 5: Choose Tenants
Start taking application from tenants
Perform tenants screening process to avoid bad tenants
Check tenants payment history
Step 6: Collect Rent Regularly
Consider collecting an earnest money deposit
Sign in a contract or lease
Make sure that the tenant will stay for a long period
Step 7: Conduct Repair and Maintenance
Act immediately on repair issues
Consider hiring a property manager
A well-maintained property will bring you good money
Step 8: Pay Your Taxes
File a tax return to your state government
Pay regular taxes
Pay local licence fee
Don't forget to pay taxes, otherwise the state will sue your property
Step 9: Get Landlord Insurance
Take a proper landlord insurance cover for your property
Go for the best value landlord insurance quote that suits your need
Compare insurance policies from different insurance agencies
Go for the low landlord insurance quotes
You may talk with St George Underwriting Agency, Australia's best value landlord insurance provider.
Step 10: Repeat Steps
Repeat the over all process every time you buy a new rental property
Grow your profits and buy another property
Follow all the steps and implement carefully. Stick to these steps and you will be generating great cash with your rental property.