How To Become A Landlord?

How To Become A Landlord?

Friday, 13 August 2021

Do you have an unused old apartment? Instead of letting the apartment sit there and not do anything, why don’t you rent it to other people? With this, you can keep the apartment in good living condition and you can make extra money from the monthly rent. 

landlord tenant - How To Become A Landlord?

If you are wondering how to become a landlord, this article will tell you what exactly you need to do, to become a landlord. 

  1. Have or Buy A Property 

The first thing that you need is obviously a place to rent, without it how would even become a landlord? If you already have a living space then that is great. But if you don’t, you need to buy a property to be able to rent it out to other people. When buying a property keep in mind the location, the condition of the property and how much would you charge for a monthly rent. 

  1. Hidden Cost 

Before you are renting your property, you might need to see some of the hidden costs like the repair that you need to do, some installments, taxes, and other things. It is important, for your property to be in great living condition before renting it to people. Maybe you might even consider installing an operable wall system Malaysia, this way you can charge more for the mortgage or the monthly rent payment. 

  1. Know The Laws 

You need to be aware of the existence of the landlord-tenant law. The last thing that you want is to be thrown in jail or getting sued for obtaining the landlord-tenant law. Educate yourself with this law, so that you wouldn’t make any illegal activities. One of the rules in this law is that you cannot be racist or discriminate against your tenants even if there are from different races, gender, religion, and others. 

  1. Get a Landlord Insurance

If anything bad happened you want to have insurance that can help you to cover the damage back. Having landlord insurance is what it does, if any incident or accident causes damage to your property, this insurance will help you to cover it all back. 

  1. Choose the Right Tenants

Yes, you cannot discriminate against your tenants. However, you can choose a good tenant that you guarantee will treat your property nicely and will not do any damage to it. You have to do a screening of potential tenants and check their background to see if they are capable of paying the rent or not. You can even ask the old landlord about your potential tenant’s attitude and behavior.  

These are some of the important things that you need to take it seriously before becoming a landlord and renting out your property to a stranger. The last thing that you want is, for a stranger to cause huge damage to your property and you will need to fix all of the damage by yourself. So pay attention to your future potential tenants and be a good landlord.  

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