Being a landlord is serious business. You’ve purchased what is likely to be one of your most valuable assets, so treating it like a business, rather than a hobby, will help you yield greater returns.
As in any business, establishing procedures to manage your rental property can be extremely useful. It can help you make sure you don’t miss any steps or documents in the process of admitting a new tenant into your property, therefore avoiding potential liability.
Becoming a landlord can be a lucrative business or a mad nightmare, depending on whether you treat your property investment as a business and make smart choices or treat it as a hobby. A big part of having real estate investments that are profitable, is ensuring you have quality tenants.