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Being a Landlord

Before making up one's mind for being a landlord , it is always better to question and get clear answers. Being a landlord may not suit one and all as this involves a lot of things like any other business. It is for the willing individuals to understand the responsibilities and the kind of involvement that may follow after taking this decision.

Eligibility criteria for being a landlord: Individuals able to fulfill the following requirements are best suited for being a landlord :

Sound Financial Health: Before making the leap it is always safer to check pockets along with the entire cash flow situation. Landlords should be able to fight the following situations, financially:

•  Initial investment for buying properties;

•  Pay for maintenance bills at a very short notice;

•  Maintain the property and pay mortgage installments on time even if there is no tenant.

Proper Communication: Being a landlord necessitates the presence of proper communication skills. This involves not only communicating with the rent payer but also with the attorneys and people involved in servicing and maintenance of housing and buildings.

Ways of being a landlord:

The two most important moves that needs to be taken for being a landlord are as follows:

Advertising your property: This can be done either by registering with a landlord association of repute or by putting up classified ads in newspapers.

Getting the Right Tenant: Choice of tenant should be made on basis of the following 2 points: the rent paying capacity and the property usage mentality of the tenant.

 

 

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