You can either add the title landlord behind your name or you can sell your apartment. Either way, you will earn money. But before you consider managing an apartment as your full time career, here are some things to consider.
Finding a good tenant is the key to a winning apartment business. Good tenants can be your resource of a steady income while bad tenants are nothing but trouble. While good tenants take care of their unit as their own property, bad tenants will complain on almost anything and everything.
When you accept tenants, you look for those who have a permanent job. It is even better if they can provide proof of good payment history such as credit card payments or utilities payments. Ask them if they want to stay at the property for a long time. More likely, they are the ones to pay on time because they would like to stay and not get evicted.
Apartments need maintenance and repairs. Once you find a good tenant, it is also important that you keep him happy by keeping the unit in top condition. Costs on repairs can easily go out of control if tenants’ needs are not monitored and handled properly.
To keep track of repairs or upgrades done on the apartment unit, every transaction must be documented. Record should include the date, reason for repair, cost, which unit it is implemented, which service company you have hired, and the results of the repair. After the service, you should follow up with the tenants if they are happy with the repair.
This can be the easiest part or the most difficult depending on the type of tenants you are having. As a landlord, you must be prepared to handle tenants who are always late in their payment. You should know the rules that will allow you to collect rent without violating tenants’ rights. In the event that a tenant has stopped making payments, you should make a plea to the local court to have the person(s) removed.
Not ready to become a landlord? You can sell your apartment and invest the money in other areas that you are interested in. Lucas Properties LLC is a private investor which buys apartments, residential properties, or any types of land, with cash. With Lucas Properties, you can be assured of a quick and easy sale.