6 THINGS YOU SHOULD NOT DO AS A LANDLORD
If you’re a new investment property owner you’ve probably realized, there’s a lot to learn! Here’s a list of things on the absolute do not do list… trust us, avoiding these things will save you lots of time and money.
1. Don’t Assume Your Property Will Always Be Rented
Don’t risk having your property foreclosed because you neglected to do a proper cash-flow analysis. Always have a few months of spare cash lying around in case you have trouble filling your vacancy.
2. Don’t Shortcut the Screening Process.
Sure it’s important not to have your property sitting empty, but it’s always better to have no tenant than a really bad one. Make sure you do the proper reference and credit checks and don’t short-change yourself on the interview process.
3. Don’t Lowball Your Rental Price
Don’t forget that beyond your mortgage payments you’ll have many other maintenance fees associated with the ownership of your property. Also, the lower you start your rent, the less you’ll be able to raise it every year as per regulations in your province or state.
4. Don’t think of Your Income Property as a Hobby
Owning an income property is real business. You’ll want to make sure you have a separate bank account for deposits and expenses and a thorough bookkeeping system and don’t forget to consult a tax professional to ensure you’re getting all the tax breaks you can get!
5. Don’t Encourage a Handy Tenant.
Sure it may seem like an easy solution, but remember that not only can tenants possibly injure themselves, creating a liability for you, they may actually make the problem worse. Make sure you hire proper professionals to look after your property.
6. Don’t Neglect Your Tenant.
You’ve gone to great lengths to find a great tenant. Now is not the time to ignore them! Find small ways to make their experience even better. Having a tenant that pays their rent on time, takes pride in their home and is generally happy means a lot less work for you!
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