There are a couple reasons why you may choose to lease out your rental property. For one, You could be the owner of several properties and decide to rent out a couple of them, instead of letting them lay idle. You could also be a struggling home owner and decide to rent out a room just to make ends meet. Either way, you need to ensure that your rental property remains safe. Everyone would want a win-win situation- income at the end of the month, and with no property damages accrued. Our friends at apartmentshattiesburg.com published an informative blog post showing you how to successfully lease out any of your rental properties. Read through the excerpt below and click the green button to read the entire post!
A Step-By-Step Guide to Leasing Your Rental Property
With renting becoming increasingly popular throughout the country, many people are turning their homes into an income-generating rental property. Have you been considering this? If yes, it’s important to get clear on the ins and outs of becoming a landlord. We’ve all heard the horror stories of terrible tenants so save yourself the potential trouble and do it right the first time by following these simple steps.
Know When Renting Your Property the Right Decision
Perhaps you are considering turning a second home into a rental property. You could also be looking to rent out your primary residence or even just a bedroom within it. There are a few reasons why any of these would be a great decision. Perhaps the market has taken a turn or you owe more on your property than it is worth, leaving you unable to sell. Maybe you have a second property that is being largely unused, or you have been transferred temporarily out of town. In any case, rather than leaving your property sitting vacant, it can be a great idea to find a tenant. A good tenant will help you to cover the expenses associated with the property. He will also deter looters, help with the upkeep, and hopefully contribute to your monthly cash flow.
Know Your Responsibilities as a Landlord
The idea of additional income is the most common reason you might convert your property into a rental property, but being a landlord takes a lot of responsibility. Your new role will include repairs and maintenance to the property, showcasing the property, collecting rents, screening, accepting, and potentially evicting tenants, ensuring that the tenant is following the terms of the lease and the HOA, if applicable. Make sure that you are up to the task before you take the next steps.
Prepare the Property
Now that you’ve established your own preparedness, it’s time to get your property up to speed. Take a look around your existing rivals (similar rental properties in the area). Notice what amenities are being offered to potential renters. Based on what you find, you can assess your own property and decide what repairs and upgrades need to be made. The tough part about this is remembering not to go overboard. You will need to take into consideration whether or not the money you sink into the property will be offset by the rental income you will be able to recoup. You may want to hire a professional cleaning company to come in once it’s all said and done to ensure that your property looks its very best for potential renters….