Top Mistakes New Landlords Make

✍️ By Debbie Balfour | WBN News | October 6, 2025 | Click HERE for your FREE Subscription to WBN News and/or to be a Contributor.

Becoming a landlord can be one of the fastest paths to building wealth, but only if you avoid the costly mistakes that trap so many new investors. The excitement of owning rental property often overshadows the realities of management, leading to unnecessary stress, financial losses, and legal headaches. The good news is that by learning from others’ missteps, you can set yourself up for success from day one.

One of the biggest mistakes new landlords make is underestimating expenses. Many focus only on the mortgage payment and forget to budget for repairs, vacancies, insurance, and property taxes. When an unexpected roof leak or furnace replacement comes along, unprepared landlords scramble, often cutting into their profits. Always build a reserve fund for emergencies.

Another common misstep is poor tenant screening. Excited to fill a vacancy quickly, new landlords may skip background checks, income verification, or reference calls. Unfortunately, one bad tenant can cost thousands in unpaid rent and property damage. A solid screening process is non-negotiable.

Weak lease agreements are another pitfall. Too many landlords rely on generic forms or handshake deals, which leave them vulnerable. A strong lease should cover rent due dates, late fees, maintenance responsibilities, and clear rules to protect both parties. Consulting an attorney to draft or review your lease is an investment worth making.

New landlords also tend to delay addressing maintenance issues. Ignoring small repairs often leads to larger, more expensive problems and frustrated tenants. Quick responses not only protect your property but also build tenant trust and retention.

Finally, many overlook legal compliance. Landlord-tenant laws vary by state and even city. Failing to understand fair housing laws, security deposit regulations, or proper eviction procedures can lead to lawsuits. Education and professional advice are your best defenses.

The truth is, every landlord makes mistakes, but the most successful ones learn quickly and put systems in place to avoid repeating them. With preparation, consistency, and a willingness to treat your rental like a business, you’ll enjoy steady income and long-term success.

Debbie Balfour | Real Estate Investing Success Coach + Podcast Host
📍 Website: www.DebbieBalfour.com
📧 Email: Debbie@DebbieBalfour.com
🔗 LinkedIn: Debbie Balfour
▶️ YouTube Channel: youtube.com/@DebbieBalfour

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