As a landlord and rental property investor in Massachusetts, you have the potential to earn a steady stream of income and build long-term wealth.
However, being a successful landlord requires more than just owning a property and collecting rent. It involves managing and maintaining your property, screening and selecting tenants, and navigating the complex legal landscape.
Here are some tips to help you be a successful landlord in Massachusetts:
Understand Laws and Regulations
Understand the laws and regulations: Massachusetts has strict landlord-tenant laws that you must adhere to as a landlord.
These laws cover everything from how much notice you need to give tenants before entering their unit to how you can handle security deposits.
Familiarize yourself with the Massachusetts State Sanitary Code, the Massachusetts Residential Landlord-Tenant Act, and any local ordinances that apply to your property.
Having a profitable rental property without knowing the laws is more challenging.
Understand Legal Resources
Landlord-tenant law can be complex, and it’s essential to have access to legal resources to help you navigate any issues that may arise.
This may include consulting with a lawyer or real estate professional, subscribing to a legal service, or joining a landlord association.
Screen Tenants Carefully
Choosing the right tenants can significantly impact your success as a landlord. Screening potential tenants is crucial not only to protect your property and investment but also to avoid potential issues.
You can use a tenant screening service to help you gather this information and make informed decisions about which tenants to approve.
Once screened, carefully review potential tenants’ rental history, credit history, employment status, and other relevant information to ensure they are financially stable and responsible.
You’ll likely find some applicants don’t have good credit scores.
You can also require a co-signer or ask for a higher…