Becoming a landlord is something that many people think about, but few actually do. The reason for this is because there are so many things to know before you can become a landlord. The more education you have before acquiring the property sets you up for better success.

This blog post will touch on some of the most important things you need to know before becoming a landlord.

• You want to do your research and find the investment that is perfect for you. The investment can be how much money you plan on investing, what type of property (apartment or single family home) you're looking for, where it's located, etc.

• Often landlords will start with a small investment and grow from there. This helps diversify their portfolio. However, just because someone starts out as a landlord does not mean they cannot go big by starting off with multiple houses or apartments at once. It all depends on the size of investment that person wants to make upfront without worrying about managing everything themselves.

• Before deciding if real estate investment is for you, it's important to get in touch with a professional investment advisor. They will help determine whether or not real estate investment is the right choice depending on your goals and availability of time.

• Once you find that perfect investment property it can be as simple as deciding what type of management company to use and how many properties they'll manage at once (if any).

• You'll want to make sure that you have a solid cash flow plan before investing into any property. When things go wrong with cashflow, most landlords start feeling overwhelmed and may not know how to handle certain situations. It's important for you or someone in charge, such as an investment advisor, who knows what type of properties will create positive cash flow and which ones don't work.

• Investing in a property that is rented out can generate cashflow. When someone rents an investment property, monthly rent checks are sent to you as income for your investment. If the renter makes late payments or doesn't pay at all (and there's no damage done), then the landlord should have a buffer of cash for those moments. 


• If however, any damages occur on the investment property during a rental period with a tenant - such as furniture being broken or carpets getting stained due to cooking oil spills from improper disposal - then these costs may or may not be covered by insurance. Sometimes they need to come straight out of pocket.

*BONUS TIP: When deciding on whether or not real estate investment is right for you, take into consideration where your assets are currently invested - do you have stocks trying to balance all three aspects: being an investor, manager, and owner.

We hope we’ve helped you become a little more knowledgeable about the process of becoming a landlord. If you have any questions, don’t hesitate to reach out! Book your business consultation with Perfect Skip today and let us help make this chapter of your life easier than ever before!