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We live in N.C. and have had property managers for my 5 duplexes for many years. But circumstances have changed and now we need to take on this responsibility ourselves.
This forum has been very valuable for so many questions but what other sites or published material would fellow landlords - especially in N.C. suggest for us? I know we will have to get a business license, separate checking account and other things as I had my own retail business many years ago but I'm sure there are licenses and other legal issues we will have to deal with.
Who do you recommend for checking out prospective tenants? Any and all suggestions would be welcome.
There is a book by Leigh Robinson called Landlording that provides prospective on being a Landlord... so far everyone I recommended it to has found it useful... especially new Landlords.
If you don't have the right temperament and people skills, you won't be a good landlord no matter how many books you read. It's a tough business.
The most important ability to have is the ability to set and hold boundaries (enforce your lease to the letter) while maintaining a cordial, professional demeanor.
Next, penny pincher landlords unwilling to repair things have a hard time no matter what.
Lastly, you need a great vendor list. Your ability to make one phone call and know that an A/C or plumbing problem will be solved that day is imperative. No book can provide you with a great vendor list, you have to ask around and network with other investors and/or property managers.
Treat it like a business relationship and nothing else. Always ask yourself, "would I treat my lawyer like this?" and "if a businessperson treated me like this, would I consider it professional?"
If you don't have the right temperament and people skills, you won't be a good landlord no matter how many books you read. It's a tough business.
The most important ability to have is the ability to set and hold boundaries (enforce your lease to the letter) while maintaining a cordial, professional demeanor.
Next, penny pincher landlords unwilling to repair things have a hard time no matter what.
Lastly, you need a great vendor list. Your ability to make one phone call and know that an A/C or plumbing problem will be solved that day is imperative. No book can provide you with a great vendor list, you have to ask around and network with other investors and/or property managers.
Good luck,
Steve
This is gold!
I think there are a lot of references on how to be a good landlord on everything between attracting and retaining tenants, getting maximum rent, and handling adverse situations. What I will add is know the local tenant laws. Fortunately it is likely to all be online. Do not go by someone's interpretation of the law. Learn it, understand it, and most importantly, comply 100% with it.
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