Rental properties can be an exceptional source of income, providing a continual revenue stream that can help pay mortgage or allow you to expand your investment properties. However, anyone thinking of becoming a landlord should be aware that it is not a passive income. Even if you are just renting your basement suite, you are in business and you should understand what it is all about.
Being a landlord is a full-time responsibility. There will be maintenance requests at inconvenient times, the tenants may miss out on rental payments or they can be too troublesome but you may not be able to evict them straightaway. If you have an apartment for rent, it is important to do your groundwork before you become a landlord. Here are some tips for first-time landlords: