First-Time Landlord Tips…
The landscape is ever so changing in today’s real estate environment, especially as there are more and more real estate investors becoming first-time landlords. For those of you thinking about renting out a property for the first time, here are a few tips to consider before you get started:
Before you rent out a property- you want to make sure the property is in good condition. Besides the obvious reasons, a clean home that’s in good condition will not only attract good tenants but also, you’ll be able to garnish premium rent. Before renting out your property, you’ll want to make sure the roof, plumbing, and electrical are in good working order. On top of that- you should make sure all rooms have a fresh coat of paint, and the floors and carpet are in good condition. It is important to make sure there are operating smoke and carbon monoxide detectors. I also recommend going out and buying a fire extinguisher for the kitchen.
To be a good landlord you have to be financially smart. That means you’ll want to have an accountant or financial advisors on your team. Before renting a property, notify your accountant or financial advisor and let them know you’re going to be a landlord. A good landlord will most always have a good accountant. They will help you set up an auto-rent collection as well as provide you with beneficial tax advice.
Besides being financially protected a good landlord needs the right homeowners insurance. Before renting your property, you’ll want to make sure you have property insurance specifically for a rental property. It is very important to go over all of the available options as well as consider having additional liability coverage on your rental property.
Now that your property is in good shape, you’re financially protected, and you have the proper homeowners insurance- you’ll need to make sure you have good property management in place. I happen to manage my properties, but property management isn’t for everyone. For those that don’t want to take on the responsibility of property management, you can always go out and hire a good property management company. Property management companies typically charge a small percentage fee of the monthly rent. And for their fee, they will handle getting new tenants to handling all problems and repairs.
I have been in the landlord business for 20+ years, and take it from me- becoming a landlord is challenging, exciting, and rewarding all at the same time. If you are planning on becoming a landlord, I think that’s a great plan. Each and every day I’m so thankful I made the leap and became a landlord. And if I can leave you with one more piece of advice before becoming a landlord- be prepared!
For more information you can call me @562 225-2296, you can email me @jmkinfo66@gmail.com, or you can visit my website @kolskyproperties.com
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