If you have finally realized your dream of becoming a landlord, whether to one tenant or one hundred, congratulations. As English philosopher and economist John Stuart Mill said, "Landlords grow rich in their sleep." But being a landlord involves some work beyond buying a property and renting it out. Here are five things you should do immediately as a lessor when you have purchased real estate.
1. Set up a tenant screening process and use it religiously.
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When most people think of renting out their home, they do not think about living at the property. But it is certainly possible to purchase a home, live in it, and rent it out to a tenant full-time. It is an excellent way to generate consistent income that can drastically reduce your homeownership expenses. But this kind of thing cannot work with a typical home as it may not have room to create a dedicated rental.
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As a real estate agent, you might enjoy the rapport that comes with spending time with other real estate agents. However, one downside of having many friends who work in real estate is that you may find yourself comparing your successes with theirs. You may feel unhappy that you just do not seem to be closing enough deals. Part of the problem might be that you are not doing enough to weed out prospective home buyers who will never actually buy a home in the end.
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As a digital nomad, you have the freedom to travel anywhere in the country while working at your computer. You'll be living out of rented rooms and sublets, traveling to new cities as you please. Since you'll be living on the road, it may seem counterintuitive to purchase your own house before you set off on your nomadic adventure. However, there are a few reasons why buying a house before you become a digital nomad is a smart decision.
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Owning a rental property can be an excellent way of earning an additional income. However, it is a fact that owning these properties can involve a substantial amount of work. Fortunately, you can enjoy the benefits of owning a rental property without having to significantly add to your already busy schedule by hiring a property management firm. For those that are inexperienced with these firms, it may be beneficial for the following few questions and concerns to be addressed.
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