Being a landlord is not for everybody, but in today’s rental market, it can be a smart way to grow your wealth. That’s because demand for rental units continues to be strong — driven by the failure of wages to keep up with the rising cost of housing.
However, you can still buy rental property and actually make income on it. It should not, therefore, be mistaken for a way to get rich quick. This is a long-term investment that needs to be approached carefully. But if you’re still itching to tap your inner real estate baron, here are 7 smart moves to help you get started.

Smart Move 1: Recognize that being a landlord is a business.
Being a landlord is different than being a private homeowner. It’s a business, and you need to treat it like one. “Where I see a lot of people make mistakes is, they don’t have a good business plan,” Roberts a real estate investor says. “This type of investment is not hands-off. It’s not just a passive revenue stream. It requires involvement. It requires your time. It requires certain skills.”
Any property you buy has to make sense from a business perspective, not because it is a house you would like to live in. That means it should be a reasonably priced home likely to appeal to the kind of tenants you’re looking for.

Smart Move 2: Start small.
Roberts suggests starting with a single house or smaller multiple-dwelling unit, perhaps with a partner, to see if the business really suits you.
“Single-family residences are the easiest properties to buy when you’re looking for investment property,” Merrill says. Condominiums usually require a larger down payment and monthly association fees.
Starting with a single home will allow you to get a feel for the maintenance, bookkeeping and other work required. Roberts and Merrill both recommend choosing an initial property without high-maintenance features such as elaborate landscaping.

Smart Move 3: Don’t invest somewhere you don’t know.
An old joke is that the three keys to a successful business are “location, location, location.”
That’s especially true for rental property. A home that seems to be a steal might be priced lower because it’s in a neighborhood most people wouldn’t want to live in — with higher crime or poor schools, for example. For that reason, investing in out-of-state property is a gamble. Buying in neighborhoods you know well or have carefully researched is the smart move.

Smart Move 4: Figure out the right rent.
Rents differ widely around Lagos State. We at 99 Property Nigeria Limited can give you an idea of what they are where you are buying. Then you need to determine if that rent will be enough to cover your costs. Too often, people take a look at their loan and think if they cover that, they are doing fine.
We advise our clients to put aside, 5% of gross rental income to regular maintenance and another 5% to pay for the downtime and repairs that come with vacancies. Not budgeting enough for maintenance is a common mistake. Things break. You’re going to need money in a bank account to deal with those......................

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what happens when your tenant tiles the apartment you leased them and is owing for months

TempUser:
what happens when your tenant tiles the apartment you leased them and is owing for months

In real property management; we have what we call chattels and fittings. A chattel is what a tenant brings to the house without causing physical damage or alterations to the building eg. Chair, Fridge etc. While, fittings is what the tenant brings into the house that damages, deface or alter the building e.g. Drilling of nail to the wall, fixing of Wall Tv, tiles, A.C etc.
Back to your question, if the tenant informs you before putting tiles in the house, depending on your previous conversation and agreement, he may want to deduct such expenses from the rent.
otherwise, if you were not informed of such thing, you have every right to request your full payment of your rent and the tenant has no right to remove the tiles when leaving the apartment because the apartment reverts back to you.

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