Tips for First-Time Landlords

Your rental property can be a great source of passive income, but that doesn’t necessarily mean you won’t have to work for that revenue. 

There’s a great deal of administrative work involved in managing any rental property. However, if you create a system for handling these details in advance, you can save time and money in the future.

Treat Your Rental Property Like a Small Business

You should treat each rental property you own as though it’s an independent small business. This involves opening bank accounts for each property and keeping track of rental income, deposits, and expenses. If you maintain meticulous records for each property, you’ll find that it’s easier to file your taxes at the end of the year. (more…)

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Does Your Rental Meet Safety Standards?

As a property owner, one of the responsibilities you have is to make sure your rental units meet safety standards. This usually consists of making minor improvements to the property to reduce the risk of accidents and injuries for your tenants. 

If you’re not sure how to get started making your property compliant, here are a few suggestions. 

Avoid Slips, Trips, and Falls

An often overlooked safety feature that requires your attention is the presence of safety railings in key areas. Any incline, stairway, or potentially slippery surface should have a safety railing. This list includes bathrooms and short stairways of three or four steps. 

If the area is already equipped with safety railings, make sure that they’re properly secured. Damage from wear and tear is common with safety railings. (more…)

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