Etini
Valued Contributor
When you own a property and have tenants, you just sit down and expect your rental earnings to come without lifting a finger right? That's the illusion we tend to believe. Being a landlord has active aspects to it such that if it is ignored, it would have dire consequences on your earnings from your rental property. The active aspects are:
1) Screening potential tenant: I would call this a KYC on a potential tenant. It is something that you cannot skip for any reason. Highly successful landlords don't joke with the KYC. They investigate potential tenants properly to ensure they are not people that would come and damage your property or skip rents payments.
2) Paperwork filings and legalities: There is a lot of paperwork to be done before and after a tenant moves into your property. You would have to draft lease or rental agreement according to the specific conditions between you and the potential tenant. You have to file tax payments for the property to the authorities.
3) Periodic Inspection: As a landlord, you have to periodically inspect your property to be sure that it is being well maintained and it is in good condition.
Those are the active aspects of being a landlord that you have to fulfil to earn that passive rental income.
1) Screening potential tenant: I would call this a KYC on a potential tenant. It is something that you cannot skip for any reason. Highly successful landlords don't joke with the KYC. They investigate potential tenants properly to ensure they are not people that would come and damage your property or skip rents payments.
2) Paperwork filings and legalities: There is a lot of paperwork to be done before and after a tenant moves into your property. You would have to draft lease or rental agreement according to the specific conditions between you and the potential tenant. You have to file tax payments for the property to the authorities.
3) Periodic Inspection: As a landlord, you have to periodically inspect your property to be sure that it is being well maintained and it is in good condition.
Those are the active aspects of being a landlord that you have to fulfil to earn that passive rental income.
