The Accidental Landlord

I'm a landlord? How did this happen?

Inheritance?
Partner bailed?
Divorce/separation?

It does not really matter how you got here, your now a landlord!

Here are 3 things you need to know as a new landlord

1. Understand this is a BUSINESS

Your now a landlord. This means that you've just taking something over that has people, income and expenses ... thus a BUSINESS. The first item on your checklist should be to review the numbers on the property. Find out out that rents should be and what your expenses are.

From there, make sure you have the system in place to collect/deposit your rents and that all your expenses are being sent to you i.e. new address or setup pre authorized payments.

Now that you have some idea of what's going on from a financial stand point, your ready to meet your tenants.

2. Meet your Tenants

Being a landlord is all about communication and your second step as a new landlord is to go meet your tenants. Let them know who you are and reassure them that your going to take good care of them.

In this first visit you want to make sure you leave with a proper understanding of how their rents are to be paid and if they have any issues in the property they would like for you to look at.

3. The Property

Now that you have your financials and banking in place, you should now focus on the property itself. You've already asked the tenants if they had any issues but its now your job to take a look around.

You want to do full inspections of all your units and common areas. Within the units, your looking for the following:

- Water leaks
- Mould
- Paint condition
- Smoke detectors (working condition)
- Air exchange (filters)

Next you'll want to inspect the common areas. This can be a bit more complex depending on the size of the property but here's a quick hit list:

- Electrical room (make sure its clean)
- Fire Alarm System is operational
- Fire extinguishers are in stalled as per code (check with your fire dept)
- Emergency lights are in working order
- Overall condition of flooring and paint

Once you've completed these 3 steps, again depending on the size of your property, you may or may not have a lengthy todo list! Don't get too overwhelmed with the situation. Whether is a single family home or a 50 unit apartment building, its all manageable.

At this point in time, your educated on the financials of the property, you've met your tenants and you've been through the building.

Now you decide if you want to run the building your self or if you want to hire a property manager. The beauty is that your ability to make that decision is now from a position of strength and not a position of weakness. Always make decisions from a position of strength!

Best of luck on your new adventure!