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Being a landlord isn’t easy. There are always unexpected repairs, late rent payments, and countless other issues to consider. That said, there are some common mistakes that landlords make which can be easily avoided. In this blog post, we will discuss the three most common errors landlords make and how to avoid them.

#1 Cheaper doesn’t mean better

It is often tempting to jump on the first low-priced rental property you find; however, this could be a huge mistake. Generally speaking, if a property is priced cheaper than comparable properties in the area, it is usually for a reason. Take location, repairs and maintenance into consideration before jumping on the deal. It may be best to look at multiple properties so you can get an idea of what is normal for the area and then decide which one makes the most sense for your investment portfolio.

#2 Not properly screening your tenants

It’s important to make sure you are properly screening potential renters by running their credit and verifying employment. You need to make sure they will pay you on time and actually have enough income to pay you every month. Additionally, ask your prospective tenant for references from previous landlords or roommates as well as proof of income such as bank statements or pay stubs. By doing these extra steps upfront, you can save yourself from headaches down the road when it comes time for rent collection or eviction proceedings (if necessary).

#3 Not raising rent

Make sure you are raising rents at MINIMUM 3% each year to keep up with inflation and other costs associated with managing a rental property such as taxes and insurance premiums. If you do not raise your rent regularly, especially when lease renewals come up each year, then it could end up costing you money in the long run due to inflationary pressures on wages or other factors associated with rising costs of living in your area over time.

Being a landlord isn’t easy but understanding common mistakes can help prevent headaches down the road. Make sure that when looking for rental properties that price isn't everything - take into account location, repairs needed and more before making your final decision about which property fits best in your portfolio! Additionally, make sure you are properly screening potential tenants by running their credit reports and verifying employment status before signing any contracts with them. Lastly, don't forget to raise rents at least 3% annually in order to keep up with inflationary pressures on wages or other factors associated with rising costs of living in your area over time! With these tips in mind, being a successful landlord should become second nature!