Rental properties can be a fantastic way to create wealth with passive income. However, taking on the role of landlord has its complexities. It can be time-consuming and stressful at times, like any other business, and will occasionally require you to deal with unexpected challenges, such as uncooperative tenants.  As with any new business venture, it’s important to be prepared before you get started with renting out your space. Here’s some ideas on how to be a successful landlord. Do you think you have what it takes?

Recent years have seen a noticeable increase in homeowners investing in rental properties and converting existing real estate into rental property income. The appeal of the short-term home rental market has increased partly due to the COVID-19 pandemic amid safety concerns and has been further fueled by the skyrocketing prices of traditional apartment rentals, fluctuations in mortgage interest rates, and the slowdown of new home construction. If you’ve decided to enter this arena, you’ll want to take a moment to review the details of something we’ll refer to as New Landlord 101 - Learning the basics of rental property management. 

If you’re buying a new property as an investment or renovating one that you already own, make sure you understand how to profit from your real estate renovation. Stay focused on property improvements that make a profit rather than just make the building seem “better.” It’s easy to get off track with a muddled vision, and getting off track can needlessly cost you money down the line.