Tips For A New Landlord
Choose a Smart Property
When selecting which property to turn into a rental, you need to think about a few things. First, check with the city and the HOA to see if rental properties are allowed in this neighborhood. Next, you’re going to want to make sure people can afford the property if you rent it out. Remember you want to turn a profit as soon as possible. You also want to consider the taxes on the property, cover the mortgage payment, and any other extras you might have. With that in mind, you should consider how much you should charge. You will also want to compare your property with other rental properties in the area to see how yours stacks up. As the landlord, you will need to decide if you will be handling repairs on your own or using another service. Create a list of questions that you can answer before choosing a property. Of course, invest in a property that makes sense for the type of tenant you’re looking to attract. If the property isn’t near to you, or if it requires consistent upkeep, it’s best to hire a property manager from the start.
Screen Tenants Properly
A huge part of your rental property success will depend on the type of tenants you allow to occupy your space. Be sure to do a thorough background check, ask for references, and interview said potential tenants, before giving them the keys. This can help you to find out if there have been any discrepancies with previous landlords or property buildings. Selecting trustworthy tenants can help you avoid a lot of work and serious heartache. While you’ll already have a contract in place, this will help you avoid tenants who don’t pay or damage the property. Of course, you may not have the time to run background checks on numerous applicants, so consider hiring a property management company to take care of applications and contracts for you.
Hire a Property Manager
There’s nothing wrong with running a property on your own, but it is a rather daunting task When you consider that you may be embarking on this journey while still working, running your household, or managing several properties, hiring a property manager, or retaining the services of a property management group is a smart choice. From handling applications and conducting background checks to creating contracts and scheduling home repairs, having another handle the heavy lifting can make earning a passive income an enjoyable experience.
If you’re ready to make the most out of your investment, the team at Rhino Property Management is here to help. We can help you take your smart property investment to another level. As property managers, we have the experience to help you navigate the ins and outs of being a landlord, helping you make smart decisions that will benefit your pockets and tenants for years to come.