Sometimes, landlords are forced to trade time for money. This might mean marketing their own property and investing the time needed to locate their own tenants. Maybe you feel it’s time to try your hand at it, or you’re just curious about what it takes. Whatever your reasons, here’s the primer on what you need to know:
Caveat: If you are a first-time landlord, we strongly advise that you use a realtor; at least the first time around. This is partly to minimise the risk of fines, and scams, but the other big reason is speed. It can take a while to muddle through the paperwork (e.g., drafting the Letter Of Intent, Tenancy Agreement, background checks, and so forth). The longer you take to find a tenant, the more rental income you lose.
Step 1: Know the eligibility requirements for your...