The idea of generating passive income through a rental property sounds pretty terrific. But the reality is, being a landlord is not as passive as you might think. Renting your home is equivalent to running a business, and there are a number of responsibilities that come with it. So, what do you need to consider before becoming a landlord? And what are the best practices for renting your home?
On this episode of Five Minute Friday, Bob walks us through the main topics covered in his new eBook, Best Practices for Renting Your Home: Learn the Pitfalls and Safety Nets from a Pro. He explains why NOW is an attractive time for real estate investors to enter the rental market, describing how a rental property has the potential to both generate cashflow and appreciate in value.
Bob goes on to cover the many obligations and responsibilities of being a landlord in terms of compliance, maintenance, record keeping, insurance and 24/7 responsiveness. Listen in for insight around what questions to ask yourself before renting your home and learn how a property manager can help you enjoy the benefits of being a landlord—without having to answer tenant complaints at 3am!
[0:46] How to access Bob’s new eBook, Best Practices for Renting Your Home: Learn the Pitfalls and Safety Nets from a Pro
[1:28] Why now is an attractive time for real estate investors to enter the rental market
[1:51] How being a landlord is equivalent to running a business
[2:08] The #1 question to ask yourself before renting your home
[2:30] The landlord’s obligation to be on call 24/7 to respond to tenant complaints, maintenance requests and emergencies
[2:45] The option to hire a property manager to take on most of your responsibilities as a landlord
[2:56] The concept of leverage + how a rental property can both generate cashflow and appreciate in value in a strong market
[3:38] Additional obligations a landlord must fulfill in terms of legal compliance and property maintenance
[4:00] What is required of a landlord when it comes to accurate accounting and record-keeping
[4:17] Making sure your rental property is properly insured
[4:29] Why it’s crucial to advertise a property and speak to prospective tenants in a way that recognizes Fair Housing Laws
[4:56] Where to go for more information about best practices for renting your home
Connect with Bob
Best Practices for Renting Your Home: Learn the Pitfalls and Safety Nets from a Pro can be found at https://www.ncpropertygroup.com/ebook.
This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Play Podcasts, Stitcher, Spotify, and YouTube.