First Rental Property

Hi Everyone,

I hope that you are all doing well.

The title of this article is not meant to be disrespectful towards tenants.

It is an important title and an important topic to speak on because so many landlords have absolutely no control over their tenants and over their rental properties.

If you are a new investor looking to purchase your first rental property.  You must understand one basic concept.

This concept is….

“Maintain control”

Far too often I speak to new real estate investors who are seeking advice from me, because they have let a situation with their tenant get out of control.  In 95% of these instances, the situation that they have let get out of control is the payment of rent.

In previous articles like, Tenant Not Paying Rent?, I have talked about the importance of submitting the necessary paperwork if your tenant decides to not pay rent on time.

Unfortunately many novice investors are not prepared to deal with the realities of owning real estate as an investment.  Being a landlord requires you to be proactive and to handle situations head on before they get out of control.

For example, a landlord has to train their tenants to pay rent on time.  This is simply done by notifying your tenants in writing in the event that they are late with their rent payment.

If a tenant has been late in paying rent multiple times during the tenancy, then you as the landlord must be submitting their ‘notice of non payment of rent’ as early as possible.  As early as possible means that if rent is due on the 1st of the month, if they have not paid by the 2nd, then the notice should go out on the 2nd.

The benefit of doing this is great.

First, it  conditions your tenants to realize that you are on the ball and that their rent must be paid on time.

Second, it allows you to start a potential eviction early on, as opposed to waiting weeks or months in order to begin the eviction.  In some cases, a tenant may no longer have any money to pay you.  If this is the case, it is better to have them move out through eviction early on, as opposed to having them live there for months while they are not paying rent.

It is important to train your tenants so that you are able to ‘maintain control’ as a landlord.

Don’t’ be afraid!  Real estate investing can be great.  All it requires is you to be proactive and follow a process.  If you do this, your chances of success will increase!

If you need help with purchasing your first rental property, REIN Live Events and REIN Home Study Courses can help you.  Check them out!

Best Regards,

Neil Uttamsingh.