Ready. Set. Lease

By Nancy Kaller on Jul 21, 2021 at 04:23 PM in Articles
Ready. Set. Lease

Perhaps you’ve been thinking that you want to rent out your home and get some income flowing your way. We hope the information below helps & you achieve that extra income.

Let’s start with how much income you expect to collect on the rent each month. Aside from the monthly rent, there could be a small amount of money coming your way, i.e., application fees, late fees, but it might be best to lean towards the conservative side and not include those in your calculations. As for the security deposit you collected, set that aside until it is either returned or is needed when the lease expires and the resident moves out.

Now that you know the income you can expect each month, think about what property-related bills will need to be paid, both monthly and annually, for example, mortgage, insurance, property taxes, utilities, & landscaping. How about the cost of gas & travel, advertising expense, office supplies, computer/laptop, printer supplies? Let’s not forget about the cost for the upkeep of the property, repairs, maintenance, improvements, and even vacancies. Yes, one should account for the expense of having the property vacant. 

Now that you’ve done your best to calculate the income and the expenses, do you have the documentation and agreements that you will need? Do you know the laws of the tenant and for yourself as a landlord? Consider the day-to-day involvement and yes, even the “after-hours” involvement.  It is pretty exciting to be an investor in your property, your time is valuable and sometimes limited so Consider this, managing an investment property can be a full-time job. 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.

We are the "Ultimate" in property management and would be pleased to have the opportunity to work with you and exceed your expectations! 

Phone: (805) 324.4801
After Hours Emergency Phone: (805) 618.5226
Email: [email protected]

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.

Join us and see how we can make everything easier for you.

  • We cherish our partner property owners and our residents alike.
  • We always do what we promise.
  • Having enough headaches with your rental property?
  • Finding residents?
  • Collecting Rents?
  • Repairs and Maintenance?

Give us a call:

  • Phone: (805) 324.4801
  • After Hours Emergency Phone: (805) 618.5226
  • Email: [email protected]

Blog