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.

Thanks for watching

If you have any other tips please share in the comment section.