Being a landlord can help open you up to many opportunities since you are able to have a second income. However, it is also important to keep in mind that there is much more to being a landlord than just collecting the rent check each month. Make sure to consider the following situations before putting up a for rent sign at your home.
- Pros vs. cons – most people only consider the extra money when they are thinking about becoming a landlord. However, it is also important to make sure that you consider some of the potentials that are associated with being a landlord, including phone calls at all hours to fix any problems. It could also potentially lead to legal issues.
- Finding the right renter – make sure to do some research on all potential renters to ensure that they will work. Follow up on all references and make sure that they will be financially stable enough to get the rent check to you on time.
- Lay out ground rules – each time you get a new renter, make sure to lay out any ground rules. Make sure that they know where all of the safety equipment is, such as smoke alarms. Let them know when the rent is due and how you want the payment. Also, make sure they know the rules about respecting the neighbors.
- Invest in the right insurance policies – as a landlord, you should make sure to invest in general liability, income protection, and building insurance to ensure that you are protected in any situation. It is also important to encourage your tenants to invest in a renter’s insurance policy to protect all of their belongings.
For all of your insurance needs and to ensure that you and your tenants are protected in any situation, contact DG&M Agency in Rochester, New York.