Rental income can be an amazing source of passive income. Passive income is a way to ensure money is coming in every month. Getting it set up however, nevertheless takes some work.
I’m sure at some point, all of y’all have had to rent. So you know what it’s like. The landlords are distance or super stingy, there is always something leaking or making noise, and props to you if you actually have likeable neighbours!
I implore you to focus on all the things you didn’t enjoy about renting and try to ensure you don’t bring them with you in your duties as a landlord. Here are some tips to make sure you don’t “royally” mess it up:
- Do your Due Diligence – each place will have landlord/tenant laws. At least here in Canada, these are subject to individual Provinces. Ensure you understand your rights as a landlord.
- Always check references – you are asking a stranger to live in your property. If I had someone come looks after my beloved pets, I would make sure I check their credentials and several references. You should be too!
- Legalities – Make sure that you have legal contracts outlining all agreements between you and your tenant. Under no circumstances do you want to be left with a “word of mouth” agreement… even if they are someone you know dearly.
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