Renting property is one of the simplest ways to create cash flow and build wealth for yourself, but being a landlord is more time consuming than most people imagine. You’ll need to spend time searching for the right property—so you can minimize risk and maximize your investment—take care updating and/or renovating it, then find the right tenants to bring in.
Many landlords accelerate the tenant screening process so they can get their property occupied as soon as possible. There are advantages to this; it reduces the amount of time your property stays vacant and gets your cash flow moving sooner. However, before you accept any new tenant, there are some important steps you should take.