What to Know Before Becoming a Landlord

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What to Know Before Becoming a Landlord

Becoming a landlord can be extremely profitable, but only if you know how to play your cards right. This isn’t a business venture you’ll want to go into blindly, as you’ll have to know your state’s laws and how to interact with tenants. We list some things you should know before making the decision to become a landlord.

How Much Time You Have to Invest

A landlord doesn’t tend to have the traditional 9-5 business hours that many professionals have come to expect. You have to deal with other individual’s living situations, and they may have questions or emergencies at any time of the day. You need to evaluate how much time you have to put into your business.

Know the Laws

You’ll have to know any and all laws concerning renting out a property. There are landlord-tenant laws that exist both on a federal, as well as state, level. You have to navigate these laws and know how to use them in your favor.

How Much Money You’ll Make

Anyone that becomes a landlord does so because they know it can be a profitable venture. If you don’t take care regarding how you go about your businesses, however, you risk losing money instead of earning it. It’s important to stay extremely aware of your budget and finances. You don’t want to put yourself in a situation where your profit does not match up with the time and money you put into your business.

How to Market

The first step to rent out a home is to make sure people see it. The second step is for them to like what they see. Take a few classes on marketing, so you can arm yourself with the knowledge required to keep people in your homes. One of the most important things you should know when marketing a property is to take high-quality photos and write an attractive description.

What Responsibilities You’ll Have

Real estate is a full-time job. Many landlords, however, want to make a passive income. If this is what you’re looking for, you’ll have to outsource some of your work to an experienced property management company. They’ll take over tasks such as tenant screening, maintenance requests, and rent payments. If you need a Georgia lease and property management company, contact Excalibur Homes today.

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