Some readers may know (others may not) that the house I bought at age 26 is now strictly an investment property. About a year ago I found the best tenants ever, moved into a fancy and very not-budget friendly condo building in midtown Atlanta and began my journey as an “accidental landlord.”
For all the struggles I had renovating, maintaining, and trying to sell the home, being a landlord has been surprisingly worry-free. I credit the aforementioned awesome tenants, but there are a few additional resources I use to “lighten the load” so to speak. Below are my favorites:
Mostly, I credit the aforementioned awesome tenants for my new low-key landlord existence, but there are a few additional resources I use to “lighten the load.” Below are my favorites and sanity-savers:
Find Yourself an “Accidental Landlord?” Here's Where to Start:
The Book on Rental Property Investing: How to Create Wealth and Passive Income Through Smart Buy & Hold Real Estate Investing – by Brandon Turner from Bigger Pockets – Any one completely new to this whole landlording thing should take a read of this great book.
The Bigger Pockets online community is also a GOLD MINE of information for those who want to landlord – either full-time or as a side business.
Every Landlord's Legal Guide – I don't want to make it sound super-easy. I mean, it can be, but being a landlord is not something you can just breeze through. There are so many legalities involved, you must absolutely read up on the tenants legal rights, and yours too.
Cozy.co – I mentioned this platform before in my favorite “time saving apps” piece (see here) but it's worth mentioning again because this has been the MVP of my landlord-ing line-up. This app doesn't charge you any monthly service fees and you can run credit and background checks, create leases, and check the status of payments AND collect money all through the app. They also don't charge you for any payments made through the app. Cozy makes its money when you have tenants pay for application/credit/and background check.
I used this for my home, and again when helping my boyfriend rent out his home. Because of Cozy we were able to find a fantastic tenant for his home too! (And no, I don't have any kind of affiliate or partnership relationship with Cozy. They're legitimately just a rockstar service I love telling people to use.)
Simple Wealth – Maybe you don't want to be an “Accidental Landlord” and would rather be a bonafide real estate mogul. This super brand new tool from my friend Andrew at Listen Money Matters helps you run all the math-y numbers in an easy-to-use app so you can see if a certain property you want to buy (or, your actual home)/rental properties would make a good real estate investment and how much you'd need to charge in order to turn a profit. I know many people, myself included, struggle with the “how much to charge” question. There's a 14-day free trial, so I recommend checking it out and playing around.