There's no denying that real estate is a great investment.
In fact, buying real estate is one of the best ways of building wealth for retirement. This is especially true of rental property. But owning rental property is a lot of work because you have to focus on property maintenance as well as dealing with tenants.
If you've unexpectedly purchased rental property without previously owning apartments, you might feel overwhelmed. That's why you need to learn a few tips that can benefit accidental landlords. Here we take a look at tips for accidental landlords that will help reduce the stress of coping with your rental property. Keep reading to learn more.
1. Educate Yourself on Fair Housing Laws
One of the biggest mistakes you can make as a first-time landlord is failing to educate yourself about the Fair Housing Act. This is especially important when you start advertising that you have units available for rent.
The key is to carefully read the Fair Housing Act so that you can understand your obligations as a landlord as well as the rights of your tenants. Otherwise, you might find yourself in serious legal trouble.
2. Collect Rent Payments Online
Make it as easy as possible for tenants to pay rent on time. The best strategy is to utilize an online portal that allows them to pay at any time of the day or night, and they can also set up automatic payments to reduce the risk of being late with their rent.
3. Be Strategic About Renovations
When you decide to make renovations to your retail property, focus on renovations that will allow you to increase rent. This is a great way to increase the property value of your property while using the increased rent amount to help cover the cost of the renovations.
4. Be Strict About Pet Policies
Should you allow tenants to have pets in their rental units? This is a good question that you need to seriously consider before signing a new tenant.
The best strategy is to always require a pet deposit to cover any damage the dog or cat might cause, as well as a monthly surcharge on their monthly rent.
But it's also important to be very strict about the type, size, and number of pets you allow the tenant to keep on your property.
5. Hire an Experienced Property Management Company
You'd be wise to hire a property management company to run the day-to-day operation of your rental property. These real estate professionals have years of experience in screening potential tenants, dealing with maintenance issues, and making sure tenants pay their rent on time each month.
A Guide to Tips for Accidental Landlords
Investing in rental property has been long considered a great way to generate passive wealth. And yet not everyone plans on being a landlord. That's why these tips for accidental landlords are so useful for new real estate investors.
Please contact us today to learn how our team of experts can help meet your property management needs.