Invest in a rental property that is low
maintenance. The more items you have in your rental property that require
maintenance, the higher your potential repair costs could be. Spas, elaborate
landscaping that requires a lot of upkeep, and fancy kitchen appliances are
just three examples of things that could end up costing you more money in
repairs than what you are making in rent.
Do you really want to be on call 24 hours a day, 7
days a week? Experienced landlords and
property managers know that if a toilet gets clogged, a heating system goes
down, or if a tenant locks themselves out of their house, it is not going to
happen during normal business hours. When you are a landlord be prepared
for a 2 a.m. wake-up call from your tenant with an emergency that he thinks
needs to be solved right away. Many professional real estate investors engage
property managers to deal with tenants. While there are pros and cons to
this, there is the added expense of the property manager fees that cut into
your profits.
Familiarize yourself with B.C.'s landlord tenant
laws. Many new landlords think that they can choose who they rent their
property to and end up accidentally violating tenancy laws. Successful
landlords know that the last thing they want to do is discriminate - even by
accident - and receive a notice of violation, or worse. Before you decide to
become a landlord consider the true costs involved in owning rental real estate
and do the necessary research to make your income property in Nanaimo a
success.