Elaine

Being a hands-on landlord can be very trying at times. That is why most investors hire a property management firm to take care of finding tenants, collecting rent and dealing with maintenance issues.

There are fees that you'll have to cover. These include lawyer's fees, accounting, insurance, mortgage payments, taxes and repairs, etc.

It would be wise to get commercial grade insurance coverage to be fully prepared for any eventuality.

You might also want to consider incorporating as this offers you an added degree of protection.

If you decide to do the landlording instead of hiring the job out, learn how to deal with tenants. And what about the rent. How much should you charge?

Start by checking out the local classifieds and rental websites that cover your area.

Join the local Landlord association if possible and learn all you can about landlord/tenants issues. Get all the agreements you'll need to run your business (leases, eviction notices, etc.)

Make sure your property is in good shape and complies with all local laws.

Several Ways To Make More Money From Your Rental Property

1) Landscaping - Keep your lawn mowed and free of weeds. Keep the front of the house clean. Make sure the paint is not chipped or worn down.

2) Flooring and Carpeting - Keep the carpet or hardwood floor very clean. That means no worn, damaged or discolored spots.

3) Lighting - Keep the front of the house and the interior very well lit. Spending a few extra dollars on quality lighting can increase the amount you can charge for rent.

4) Kitchen and Bathroom - Increase your rental income by making sure the kitchen and bathrooms are sparkling clean and shiny.

5) The Rest of the House - Fix "little" things around the property. Go through the house and make sure all doors and windows open and close properly. Fix all minor plumbing problems. Make sure the toilet and shower work well.

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