Everything I wish I knew before becoming a landlord
A 43-year-old mindset and business coach, Boer says being a landlord continues to throw up surprises. 'I can confidently say that I am still learning every day,' she says.
However, she has, over the years, developed some non-negotiable practices, based on experience. Here are three things she wishes she knew when she was starting out.
A good property manager is recommended
'It's tempting to go with the cheapest option, but a good-quality property manager is worth their weight in gold,' Boer says. 'They can help provide you with accurate appraisals and proper marketing, and get tenants in in a timely manner.
'Not only that, but they also ensure that the tenant's rights and responsibilities are explained to them, so expectations are set from the get-go.'
Boer learned the value of a good property manager early in her investing journey, when one of her properties was leased to a young couple with no rental history. They got a large dog without permission, and by the end of the tenancy, the carpet was eaten, internal doors needed painting and external doors needed replacement.
'A better-quality property manager would have flagged these issues earlier, enforced boundaries and escalated sooner.'
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Sydney Morning Herald
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- Sydney Morning Herald
Forget the Midas touch. Investing now requires diamond hands
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Perth Now
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- Perth Now
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News.com.au
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- News.com.au
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