Whether you rent out of choice or necessity, you want to make sure you are protecting yourself. You don't have to be good at everything to be a successful landlord, but your should be wise enough to get help where you need it! To thrive in the rental world, follow our six survival tips .
1. FIND A GOOD TENANT
While finding a tenant on Craigslist makes it easier than ever to fill your vacancy, don't forget to do your due diligence and check their background before renting to anyone!
2. GET PAID ON TIME, EVERYTIME
Agreeing on rent is easier than making sure you collect it every month. If you need assistance making sure you are getting paid, we can help!
3. PROTECT YOUR RIGHTS WITH A LEASE
We've seen it time and time again. Landlords who have a lease that allows bad renters to take advantage of them. Your lease is your protection! Due your homework and make sure it is solid!
4. PROTECT YOUR PROPERTY WITH INSURANCE
Most landlords recognize the need for rental insurance as additional protection. Similar to home owner's insurance, this type of policy covers your home's structure, legal costs, medical expenses and loss of rental income, if repairs are needed. Since you are not responsible for the tenant's belongings, you should encourage tenants to buy renters insurance for their personal property.
5. CONSIDER HIRING A MANAGEMENT COMPANY
Hire a professional to help you, especially if it is difficult for you to get to your property easily or often. Or if you are the type of person who needs distance from getting too close. One big advantage of using property managers is emotional distance in times when your renter tries to take advantage of your good nature.
If you do hire a property manager, find a licensed professional, with the National Association of Residential Property Managers (NARPM). To locate a manager in your area, go to NARPM's website and type in your ZIP code. Your real estate agent also may offer property management.
6. PREPARE PROPERLY FOR AN EVICTION
ALWAYS prepare for the end in the beginning. In the unfortunate instances where your renter ends up needing to be evicted, you want to make sure you take action swiftly or it can cost you in wasted time and a vacant property.