There are a lot of important things for new landlords to learn, whether you want to rent out your bottom floor apartment or work your way up to owning a large real estate company like Taylor Equities. The steps below assume that you already own the property that you wish to rent out.
Prepare the Property
You may benefit from seeking advice about the best way to present your rental from a real estate expert like Steven Taylor Taylor Equities. When you clean the property, make sure that you don’t miss areas like the vents, blinds, and ceiling fans as well as the walls and floors behind and underneath appliances. Cut the grass, pull weeds and take care of any other landscaping duties.
Perform a safety check before you advertise the property for rent. Each rental unit should have a separate entrance. Inspect all of the doors and windows to make sure that the locks function properly. You will need to supply a fire extinguisher and a working smoke and carbon monoxide detector for each floor.
Familiarize yourself with building codes in your area and make sure that your property is in compliance. You may need to fix problems like faulty railings, defective wiring or leaks in the plumbing or roof.
Put Aside Money for Expenses
Some financial considerations for landlords include insurance, taxes, a rental license and regular maintenance costs. There could also be sudden expenses like missed rent payments, major repairs and legal costs for possible evictions and lease issues.
Learn About Legal Requirements
You will be responsible for following landlord laws in your state. In general, most states require you to keep the property liveable, which involves making prompt repairs, completing regular maintenance and providing consistent access to utilities. Tenants have many rights under the law and evicting a non-paying tenant can be a long and complicated process. There are many additional state laws regarding security deposits and other issues that you will need to study.