If you do not have the time or interest in managing your rental, hire a professional. Management companies charge 7-10% more or less of the monthly rent.
Before you rent your home, you will probably need to obtain a local permit, and to have the home inspected for Lead. Depending on your location, there maybe other requirements.
Prior to becoming a landlord you need to consider:
Are you going to manage it yourself?
If you are a "do it yourself person", here are all the activities involved:
- Have the home in good working condition and inhabitable.
- Check local regulations regarding painting and carpet cleaning prior to move- in.
- Advertise the rental
- Show the rental
- Qualify the applicant: Check employment, housing history, and references
- Negotiate rent and terms
- Maintain pictures of the home prior to move-in
- Inform the tenant where he should send his monthly rent
- Provide list of rules and emergency phone numbers
- Arrange for move-in
- Arrange for security deposit escrow account & give copy to tenant
- Review and take action on any issues at the end of the first 10 days
- Respond to tenant's issues
Hopefully, you picked well and there are no problems.
If you do have a delinquent tenant, take action immediately.
To be continued...
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