Feel more confident in your rental investment

Feel more confident in your rental investment

No matter the reason, you have a rental home and you are a landlord. Congratulations. Now, let’s try and help you feel more comfortable in your investment. 

Here are a few things to ponder… 

Your rental home is a source of income, and with that being said, treat this rental home as if it is your business. Make a standard operating procedure (SOP), which is a list of instructions to help you carry out routine items, in short, a list that compiles everything that must happen when you have a tenant. What documents do I need? Are they kept securely away? Create a communication log to help you keep track of the conversations you have had with your resident. Jot down any home repairs, expenses, etc. Not only will this help you be successful, but it will also help keep yourself organized and knowledgeable. 

Here are some bullet points to consider:

•    Treat all groups the same. Become familiar and understand the fair housing laws in your local and state governments.

•    Before getting a resident, do a thorough walkthrough of the home and ask yourself, is the home ready, is it the safest most secure environment. Jot down items that could need maintenance on or possibly replace or repaired. Add these items to your budget so they won’t be an unexpected cost. Be sure to set up regular inspections both inside and out. This is also a good time to build up a wonderful rapport with your resident. (part of your SOP).

•    Know who to call in case of an emergency. Have a list of various companies to call should you need a plumber, electrician, handyman services, etc.  

•    Know your lease (inside and out) which in turn will reflect your responsibilities as a landlord and those of the resident. Know the specific requirement needed in the lease for your state or municipality. The lease should clearly define the rules & the policies between you and the resident. 

•    Before finding the right resident, be prepared with the documents you will want them to fill out and what source you will use to gather information, i.e., an application, verify employment, run a background, and a credit report. The goal is to have confidence that you have a qualified resident. 

•    Being an organized landlord, easy to work with landlord, and someone who cares for their residents usually makes for a happy relationship between you and your resident. 

•    Consider this, managing an investment property can be a full-time job. Decide how much time and responsibility you want and consider enlisting our services and Partner with Ultimate Property Management! We understand that our work is your life, your dreams, and we will deliver only excellence and aim to exceed your expectations.

Check out our services here

This article is not intended to be exhaustive or a substitute for qualified legal advice. Laws and statutes are always subject to change and may vary by county or city. You are responsible for performing your research and complying with all laws applicable to your unique situation.