If you are not the helpful kind and don’t have a lot spare cash, being a landlord is most likely not best for you. Of course, that modifications as you add more properties to your portfolio. Lawrence Pereira, president of King Harbor Wealth Management in Redondo Beach, Calif., lives on the West Coast however owns properties on the East Coast. As somebody who says he is by no means useful, he makes it work. “I put together a strong group of cleaners, handymen, and contractors,” says Pereira. Know your rights and the rights of your tenants—it’s a good suggestion to familiarize yourself with the Fair Housing Amendments Act.

With a passion for educating and informing individuals about their finances, she hopes to extend the monetary literacy of everyday Australians. “One of probably the most useful questions a landlord can ask their property manager relates to adequate insurance coverage cowl,” Ms …