As a first time landlord, you should know that you're in for a whirlwind of experiences as you step into the real estate investing game. Becoming an owner of a rental property can be a great form of investing. If becoming a landlord is something you've been thinking about, it's important to know some things before embarking on that journey. Below you will find 5 tips for landlords renting out property for the first time.

1) It Shouldn't Be Viewed As A Hobby

• Nothing worth doing is easy - real estate investing is no different
• It is a business and should be treated as such
• What kind of return are you expecting from your investment?
• What renovations need to be done?
• How long will you hold the property?
• These questions should be answered before purchasing any property

• Plan to see 10-11 months of payable rent from tenants every year 
• Expect to cover the other months yourself
• Every area is different with regards to vacancy rates
• Don't underestimate your costs
• Always anticipate vacancies 
• If you can get year-long leases, this preferable 

• Do not underestimate the value of good tenants
• Tenants that keep your headaches to a minimum are very desirable
• Hold onto tenants that pay on time, keep your property orderly, and are nice people
• You are in a business relationship with them, so treat it as such
• Be respectful, but firm, when it comes to things like late payments

• If your tenants call you at 2:00am because of a broken appliance, you have to be available to handle the emergency
• It's important to keep all common areas in a safe and clean condition
• Make sure structural elements are safe and intact
• Ensure that electrical, plumbing, HVAC, and sanitary systems are properly maintained

• Becoming a landlord may seem overwhelming
• Hiring a property management company may be the route you want to take with your property
• By hiring a property management company, your total cost will go up
• However, a property management company may be better suited to deal with tenant issues
• This would save you plenty of time in the long run
• Remember: you don't have to do it all yourself!