There are many ways you can get your house to “make money” for you. The first would be to refinance your mortgage. That would allow you to pay off that debt quicker and get money back into your account. The second option would be to list your property on a site like AirBnB. You stand a better chance of picking up some extra cash if your home offers something unique to a world traveler. Finally, you can take the bold step of moving out of your home all together and setting it up as a rental property. Obviously, this involves a serious investment in time and money but it is the kind of business that can prove to be lucrative if you know what you’re doing. Here are some tips to help you become a successful landlord:
Tip #1: Set Your Policies
As the landlord, you’ll be the first call your tenant will make if something goes wrong. That doesn’t mean you have to be open 24/7. Renting a home or apartment is a business and you should treat it like a business. That starts with setting office hours. There is nothing wrong with telling a tenant you’re office hours are 9 to 5. After hours, they can leave a message. You can always check those messages or have them forwarded to your cell. Other policies you need to set involve how and when you accept rent payments. Once you establish a policy, don’t back down. Your cover is always, “Sorry, that’s the policy.”
Tip #2: Put Everything In The Lease
There are plenty of boilerplate lease agreements you can utilize to set up your rental business. However, you need to read those agreements carefully and make sure they cover all the issues you want covered. Things like a “no pet” or “no painting” rule should be in the lease. That same for late fees and your office policies (see above). There should be no doubt about what you expect from your tenant if it is in the lease.
Tip #3: Choose Your Tenants Wisely
It’s not a stretch to say that most renters “fudge” a little on their applications. They want to look impressive to you. The burden is on you to screen out the “bad apples.” That means running a credit check, making sure they have a stable source of income and that they don’t have any evictions or felonies on their record. Yes, everyone will seem “nice” when they come to look at your property but that doesn’t tell you anything. Best resource: Checking with their last landlord.
Tip #4: Give Your Tenant A Clean Space
just as you appreciate moving into an empty home so will your new tenant. That might mean clearing out a lot of old furniture and stuff you have in storage. This is a perfect job for Junk King Sarasota. These the junk removal professionals who will dispatch a pair of movers and a big truck capable of holding the entire home worth of furnishings. It’s a great team to call on before tenant moves in and after they’ve moved out.
Are you ready to become a landlord? You can with a little help from Junk King Sarasota.