So, you have decided to take the leap and become a landlord! Whether you’re renting out to cover the expenses of your mortgage payment or wanting just a little extra cash flow for your family, there are always a few helpful pointers that can make your experience hassle-free. So, let’s get into them. 

Your Rental is a Business

When you believe that it is a business, you will start treating it like one. Being a landlord is a full-time job. While you can make a lot of money by being a landlord, there are many struggles you must face, and often you’ll pay for them out of your own pocket.

Invest in the Right Rental Property

You may find yourself tempted to buy a hot, new, and upcoming rental property, but you must refrain from doing so. It’s possible that you might suffer negatively in terms of monthly cash flow. Instead, keep an eye out for areas that aren’t prime spots. These neighbourhoods can bring you steady monthly income in the form of rent because people may find it more affordable to live there. 

Provincial Rental Rules

You must always be mindful of the provincial rental rules because they will help you determine just which forms to use for tenant applications, non-payment of rent, and notices of rent increases. What you can do is visit your province’s rental housing agency site to learn more about this. 

Conduct Extensive Screening

If you find a tenant that can afford your rental, don’t just approve them, or you might end up with a potentially unpredictable tenant who creates a lot of noise complaints, damages your property, or defaults on rental payments. To ensure that you’re getting the right person to rent, do a credit check, ask for employer references along with references of past landlords, and have a one-on-one conversation with the potential tenant before approving them. 

Have a Landlord/Tenant Relationship

You may not know, but many of the issues between landlords and tenants are resolved when there is an open communication channel. Work on having a landlord/tenant relationship so you can avoid any confusion down the road. 

Are you ready for your journey in the real estate world? Contact Christine Smith at Homes at Blue Mountain for more real estate information now.