By Jevons Property Management
There’s no denying that owning rental property is one of the best investments that you will ever make because when you own rentals you’re building monthly cashflow while also building long term wealth.
Sadly, most newbie owners (landlords) will make common mistakes that could have easily been avoided had they known what to do or look out for when getting started with owning their first rental properties.
Thankfully, in this article we will share mistakes that most newbie landlords make just so you can avoid making them.
Mistake #1 – Treating Your Rental Properties as A Hobby and Not A Business
Although you may only be spending a few hours a day, week or month managing your rental properties, you have to treat your rentals as a business because doing so will make it easier for you to avoid making additional mistakes and losing your hard-earned money.
Mistake #2 – Don’t Go Generic When It Comes to Managing Your Rentals
From using custom lease forms, to hiring maintenance professionals to fix problems at your rental properties, you have to be committed to making sure that each area of your business is 100% original to your business.
Mistake #3 – Not Renting to Someone Because Of Their Age, Race, Gender or Situation
Even though you may think that it’s your rental property and you can rent to whoever you want. The reality is that you cannot exclude anyone based on their age, race, gender or situation. This also includes families because failure to rent to someone based on their “class” will potentially set you up for a Fair Housing Lawsuit and you could lose a lot of money so it pays to follow the law.
Mistake #4 – Self Managing for Too Long
Last of all, but most important, even though you may only own one single family or multi-family rental property now, you have to realize that self-managing that rental property isn’t something you want to do for the long term.
Why? When you’re self-managing, you’re going to spend far more time managing that property than you should and investing your time into anything else other than growing your portfolio of rentals will make it harder for you to buy and ultimately manage your next property.
To grow your portfolio of rental properties quickly, it’s best to hire a property manager now by calling the experienced team of property managers at Jevons Properties by calling us at (425) 256-2122 or click here to connect with us online.