Buying Rental Property and Becoming a Landlord (1)

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Buying Rental Property and Becoming a Landlord

• Do you dream of owning property? Perhaps multiple
  investment properties from which to earn a
  monthly stream of income?
• But before you contact your real estate agent,
  consider whats really involved. If you want to
  create an income immediately, youll need to rent
  your property.

2
Start Up Capital

• All potential landlords consider the cost of
  purchasing an investment property, but many
  overlook the costs to remodel. In other words,
  dont expect start-up costs to end at the closing.

3
Making Repairs

• When it comes to being a landlord, two things in
  life are inevitable death and repairs. Dont
  even consider a property management
  business unless youre sure that you can pay for
  repairs. Landlord and tenant laws require that
  you make serious repairs quickly.

4
Collecting Rent

• Youll have great tenants who pay the rent on
  time every month. Youll have good tenants who
  slip up from time to time but always let you know
  ahead of time when to expect the rent. And then
  youll have the tenants that dont pay and dont
  call. As a landlord, youre going to have to play
  bill collector from time to time.

5
 Dealing with Problem Tenants

• Most of your tenants will pay the rent, treat the
  property like their own, and keep the neighbors
  happy. But at some point, youll inevitably have
  a problem tenant.

6
Paying Taxes

• One thing you cant overlook is taxes. Renting
  property is your business and so youll have to
  report the income you earn when you file your
  taxes every year. But one tax commonly overlooked
  is property tax. If you own the home you live in
  plus one rental house, your property tax bill
  could be double what you were paying before you
  purchased the rental.

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