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My Top 5 Landlord Tips:

1. Screen potential tenants as if you were entrusting them with your life's savings. Because this is exactly what you are doing! Check local court records yourself or via a comprehensive tenant screening service. Here's a list of tenant screening services and a guide. Call the previous landlord (not the current one). Ask the landlord if the tenant always paid on time and if they got their full security deposit back. Always verify income with pay stubs and/or tax records. Here's a list of tenant screening questions and red flag answers.

2. Charge the right rent to maximize ROI. The right rent is not so high that it causes vacancies nor is it too low that you are subsidizing your tenant's lifestyle. It's just under market rent. I'll share more on this later but for now you can check out my article on rent estimate tools to learn more.

3. Carry the right insurance. If you moved out of your primary home, you need to switch to a DP3 or so-called "landlord" policy or you may have a big surprise when your insurance claim is denied. I also recommend you get an Umbrella policy that covers your net worth in the event of a catastrophe. Finally, require tenants to get Renter's Insurance. It covers their property and it may also provide an additional layer of protection for you in some cases. (Cozy makes this super easy by the way.)

4. Learn from other landlord's mistakes. Join a local REI club. Read landlord blogs. Find a mentor. There is no reason to make the same costly mistakes other landlords have made (like me!).

5. Track your expenses. Don't miss an opportunity to deduct a legitimate expense against your rental income! There are several landlord deductions that are often over looked. One of the big ones missed by many landlords is mileage expense. Download an app like Everlance or MileageIQ. At $0.545 per mile, this can add up to real savings come tax time!

Last but not least

Check out the full list of 50 landlord tips for more ways to save.

All information provided here is courtesy of accidentalrental.com