7 Mistakes Every New Landlord Makes (and What You Should Do Instead)

Owning a rental property can be a great way to earn passive income and build wealth over time, but being a landlord isn't necessarily easy. Too many first timers find this out the hard way.

With that in mind, here's a list of seven of the most common mistakes new landlords make and how you can avoid making them as you get started with rental property investing. By learning these ahead of time, you can position yourself to maximize your income and minimize unnecessary aggravation.

Far too many new landlords simply place an ad for their rental properties and lease them to the first person who comes along. It's easier to be selective in a housing shortage like we're facing now, but it's still quite common for new landlords to ignore basic screening tools.

Source Fool.com