July 8, 2013 Owning a rental property can be a great way to diversify your investment portfolio while generating a passive revenue stream. However, not all rental properties are the same. Here are a few tips that will help you find the right property for you. Know The Neighborhood Your success or failure when it comes to finding tenants is your ability to buy a property in an attractive location. Another factor to constantly renting your property is to know who to rent to and how much to charge. If you are renting a downtown loft to a college student, you may only be able to get $700 a month in rent. On the other hand, you could get over $1,000 a month or more by renting a single family home in a nice neighborhood. For those renting in a foreign country, knowing how much a Malaysia property goes for can help you set a fair market value for your rental. Don’t Back Down From Unruly Tenants Tenants are merely leasing your property (also see Why Most People Prefer to Rent Property From Owners). This gives you the right to demand certain things from them. You have the right to expect your property to be in reasonably good condition when your tenants leave, you have the right to expect that your tenants will be respectful of other tenants and neighbors and you have the right to expect that the rent is paid on time. If these conditions are not met, take action right away to evict your tenants. Make Sure The Property Is In Working Order Your tenants have the right to live in a property that is properly maintained at all times. If repairs need to be completed, it is your responsibility as a landlord to complete them. If there are infestations in the property, you have to get rid of them. Failure to address the concerns of your tenants could result in the lease being voided. To avoid spending a lot of money on repairs, you should have an inspection of the property done before you buy it. Being a landlord is about more than getting paid. You have to be willing to find good tenants, maintain the home properly and it is critical that you understand the area where you are buying your properties. By doing these things, you are going to have more success as a rental property owner.