So, life has thrown you a curveball, and now you’re the proud (or maybe not-so-proud) owner of a rental property that you never planned on. Fear not, we’re going to tackle the wild ride of ending up an accidental landlord, together!
The Great Assessment Adventure
Okay, so you accidentally stumbled into this landlord gig, but let’s assess the situation before you start hyperventilating. Take a good look at your area’s rental market. Is it hot, lukewarm, or colder than the the Arctic ocean? Location, property condition, and local regulations all play a role. The more you know, the better you can navigate these uncharted waters.
Unleash Your Inner Realist
It’s time to get real. Being a landlord isn’t all rainbows and passive income. It takes time, effort, and money. So, put on your realistic cap as you begin to acknowledge the challenges ahead. Think property maintenance, tenant screening, rent collection, and legal mumbo-jumbo. By accepting the not-so-glamorous side, you’ll be prepared for whatever curveballs come your way.
Guess what? School’s back in session!
Get ready to take a crash course in landlord-tenant laws for your local jurisdiction. Dive into the depths of your local regulations, rights, and responsibilities. Do some searches on Google, Facebook, and Linkedin as great places to get started. Knowing this stuff will save your behind when things get legally dicey. The internet, books, and local seminars are your trusty accomplices in this journey.
Your Property Needs Love Too.
Ensure that you allocate a percentage of monthly rent to a fund so you can give your property the TLC it needs. Regular maintenance is an important part to maintaining your property’s value. Schedule inspections, fix stuff promptly, and keep things clean and in tip-top condition. Not only will this keep tenants happy, but it’ll also make your property stand out amongst a sea of average rentals.
Help Wanted
For those of you who are reading this and just want to scream, “Get me outta here!” there’s a few other solutions. When the landlord life starts to feel like a never-ending circus, it’s okay to seek help. Consider hiring a property management company to handle the nitty-gritty details for you. They’ll handle tenant drama, property maintenance, and all the tedious tasks that make you question your life choices. Property managers generally run anywhere from 8-20% of your property’s monthly income dependent on whether it’s a long, medium, or short term rental and what other services are required.
