Landlord’s toolkit
When you become a property investor, you also become a landlord. It is important to understand your responsibilities as a landlord, as this knowledge will help you avoid costly mistakes, maximise your returns and protect your investment.
STEP 1: Buy a property
It’s no secret that you should buy and develop your own property in a great location set for capital growth, with low vacancy rates and high-quality tenants.
No investment property should sit on the market for weeks unrented if it’s in a good area. When you’re buying or building in an area where vacancies are tight, and where there’s high demand for properties like yours, then it’s easy to get them rented out. You can expect to earn rent and cash flow from day one.
STEP 2: Understand the legislation
There are general responsibilities you take on as a landlord, as set out at the state or territory level of government. It’s important to familiarise yourself with the specific rental legislation and regulations in the state or territory you’re buying and/or developing property in.
STEP 3: Appoint a manager
People ask me, “How can you maintain so many properties? It must be really stressful!” Now they are landlords themselves, how are they to manage their properties? What do they do if they get bad tenants? What if a tap leaks or the air-conditioning breaks down?
I tell them, “You’re not going to be managing the properties yourself. That’s what you hire a property manager for.”
I have never spent any time managing or maintaining a property because I’ve
