Have you ever considered becoming a landlord? Here's how to become one in six simple steps.

1. How to Become a Fair,
Reasonable, and Profitable
Landlord in 6 Simple Steps
B Y : W D A R R O W F I E D L E R

2. An Overview of the Presentation
Live Near Your Properties
Review Each Potential
Tenant
Make Tenants Pay Rent Make Specific Leases
Know the Law Research, Purchase, and
Prepare a Property for
Lease
01
04 05 06
02 03

3. One
Live Near Your Properties

4. Make sure you live near the
properties you are interested in. If
you purchase and manage properties
that are far away from you, you will
have a more difficult time keeping
up with maintenance and making
sure the staff is doing things
correctly. Make sure to check the
property regularly for any needs it
may have.

5. Two
Know the Law

6. According to Laura Agadoni from Trulia.com, “Most states have
specific landlord-tenant provisions that cover issues such as security
deposits, level of access to the property, and how much notice you
need to give your tenants when you want them to leave. There also
are federal laws you need to know, such as habitability and anti-
discrimination laws.”

7. Three
Research, Purchase, and Prepare a Property for Lease

8. Make sure to find a property that has
inherent value, whether that value is
in its ability to be renovated and used
or move-in ready. Find out ways to
research properties in my blog on real
estate investment here.

9. Four
Review Each Potential Tenant

10. Make sure to run a background
check on each tenant, as well as
check their credit score. Get two
character references and two
previous rental references from
each tenant. Interview the
potential tenants, as well. You
will have a better idea of if they
will be caring tenants who treat
your property with respect and
pay rent on time.

11. Five
Make Tenants Pay Rent

12. Some tenants may be "flexible" with when they pay rent, sliding back a
few weeks. It is important to A) keep a professional relationship with
tenants and B) enforce tenants to pay rent on time. One can enforce
timely payment by making tenants pay late fees.

13. Six
Make Specific Leases

14. If you are going to have leases for
each rental property, it is important
to hire a lawyer who can create the
language for your leases. This will
keep you safe financially and legally
in the event that a tenant takes
legal action against you or you need
to take legal action against him/her.

15. Thank you for
your time!
S E E T H E O R I G I N A L B L O G P O S T A T W D A R R O W F I E D L E R . N E T !