Should You Become A Landlord?

hustle money experts Nov 09, 2020

Looking for a way to diversify your investment portfolio? Owning a rental property is a great option for many people hoping to bring in some extra income. However, it isn’t right for everyone. Here’s a look at some of the different elements you should consider before diving in:

What To Expect

As you ponder the idea of investing in rental property and becoming a landlord, it’s important to go into this venture with a big-picture perspective on how it works.

5 Important Things to Know About Being a Landlord
Is Becoming a Landlord More Trouble Than It Is Worth?
What It's Really Like To Moonlight As A Landlord
Getting Started in Rental Property Management: Top 7 Considerations

How to Make Money

When you decide to take the leap, be clear on the type of property you want, learn the ins and outs of investment property and get a good idea of what to charge for rent.

3 Real Estate Investment Tips for Choosing a Rental Property

Learn How to Invest in Real Estate

How to Figure out How Much You Should Charge for Rent

Plan for Repairs and Updates

More than likely, your new property will need some TLC to grab the right tenants. Whether it’s fixing broken windows, updating hardware, installing new appliances or switching from carpeting to hard floors..

6 Minor Rental Property Upgrades That Attract Tenants

How Much Does it Cost to Repair Windowpanes?

Basic Kitchen Upgrades that Add Value to Your Rental Property

Best Flooring for a Rental Property


Tenant Issues

It’s inevitable that you could experience tenant issues, with proper screening, however, you limit the chance of letting to a risky tenant. There’s a lot to consider when you entrust someone to live in your property.

Choosing Tenants: Avoid Fair Housing Complaints and Lawsuits
How To Screen Renters With A Tenant Background Check
What To Do If A Tenant Destroys Your Property
How to Hire a Property Management Company and the Pros and Cons to Consider

Legal Matters

As a landlord, you want to stay on the right side of legal matters, both to be a good landlord and to protect your investment.

Example Of A Good Rental Lease Agreement

State Laws on Leases and Rental Agreements

How Much Does a Landlord-Tenant Lawyer Cost?

Does Your State Have Fair Eviction Laws?

Remember, running an investment property is a big job with a lot of risks. If you’re willing to put the work in, however, it can be a very fruitful endeavor. Make sure you research the process thoroughly before you get started so you can tell if it’s the right investment for you. 

Photo Credit: Canva

Contributor: Ted James

Ready to crush your money goals with Bernadette Joy as your personal CFO?

Learn more about our offerings

Stay connected with news and updates!

Join our mailing list to receive the latest news and updates from our team.
Don't worry, your information will not be shared.

We hate SPAM. We will never sell your information, for any reason.