It may seem easy to buy a property, renovate it, and let it out for a monthly rent. However, being a successful landlord requires more than that. You need to think of yourself as a professional and work with the mindset of a business person in order to manage your investment properties efficiently.
However, without the pre-requisite experience, it is easy to lose money, time, and resources by making the following common landlord mistakes:
Failing to Conduct Adequate Checks on Prospective Tenants
The first step to getting the right tenant for your property is to run a complete check on the credentials of each prospective tenant. Best practice is to use a rental application form that will provide all the necessary information. Then take your time