Once you decide to get involved in rental properties, there are a few things you should know to make the process go much smoother. Like any new venture, there is a learning curve involved, but nothing too overwhelming.

Good Renters Are an Important Key To Your Success

There are many reasons why you want good tenants in your rentals. The most obvious is that good tenants pay on time. Not having to chase down money each month is a tremendous time and sanity saver.

Good tenants will leave your rental in good shape when they do move. Sure, even good tenants will cause wear and tear, but they won’t take all the lightbulbs when they leave, change your locks without asking, or not bother to clean up spills when they happen, damaging your flooring.

Finally, a good tenant plans on staying awhile. Each time you turn a rental over, you are going to spend money. No matter how responsible your previous tenant, you're going to need a thorough cleaning, at least some paint touch-ups, if not totally repainting, and any other miscellaneous fixes that are needed to get the rental in shape for a new tenant. In addition, you aren’t earning income while the rental is empty, and you will probably be spending on advertising and screening for potential new tenants.

Develop a Solid Screening Process

Although nothing is foolproof, developing a reliable screening process is the best way to find good tenants. You can rely on word of mouth or Facebook marketplace ads to generate interest, but you don't need to take the first person that expresses interest. Have interested parties fill out an application, which includes contact information for their previous landlord as well as their income. Run a credit and background check on anyone you are considering renting to. This doesn't guarantee a good tenant, but it greatly increases the odds of finding one.

Know How To Tackle Minor Repairs, and When to Call in The Pros

If you have to hire a pro every time your rental needs a minor repair, you are going to find that your income really takes a hit. You also need to consider that it can be challenging to find someone willing to perform these small jobs. Learning to handle small jobs on your own, such as knowing how to unclog a sink, can save you a great deal of money and frustration as a landlord.

Of course, the flip side of that is knowing when to call in the professionals. If your rental needs a new roof or HVAC system, you probably want a professional. For larger jobs, professionals can often do the job for less money than you would have in it if you tried to do it yourself. They also have a crew to work with them, allowing the job to be completed in less time and with less inconvenience to your tenant.

Be Familiar With Landlord/ Tenant Laws In Your State

While a lot of the work involved in being a landlord is hands-on, this is more academic. Each state has their own landlord/ tenant laws and you should at least be familiar with the basics before you begin renting.

You need to know what type of screening questions you are permitted to ask, what your responsibilities are as a landlord, and what you can expect from your tenants. Finally, although you hope to never need to use it, you need to be familiar with the eviction process in your state.

As you can see, there is a lot to learn before becoming a landlord. It can be a reliable and enjoyable way to spend your investment dollars, as long as you are prepared and educated about the process. As with any sort of investment, educating yourself increases the odds of a successful return.