New Landlords Need to Know list

LITTLETON, N.C. - Nov. 21, 2014 - PRLog -- Per, Jan Werner, Top Producer and voted best Lake Gaston Real Estate agent, "When you decide you want to invest in and acquire a rental property, you’ll be faced with many things.

Chief among these are location and property type, which will be determined by your budget. By the way, that’s the first thing you’ll need to know so you don’t overextend yourself financially and emotionally.

Before you make a purchase offer and commit yourself to a particular property, you should know as much about it as possible. That means having it inspected, knowing any about any encumbrances, and what the locality will fetch in monthly rent. After you make the purchase, be sure to prepare yourself for being a landlord, which means educating yourself about renting a home.

Things to be Aware of as a New Landlord

There’s more to being a landlord than just putting an ad in the local newspaper and posting online, then finding tenants and collecting rent. Here’s what you need to do and what to avoid:

● Commingling monies. It’s tempting, because for sake of convenience to save time, but it’s really not a good idea. The security deposit should be kept in a separate account from rent monies. The first you’ll have to give back in-part or in-full, while the latter will be used for operating expenses and profits.
● Itemizing repair expenses. Should you have to use some or all of the tenant’s security deposit to cover the cost of repairs because of damage caused by said tenant, be sure to itemize each one in line-item form.
● Signing a written lease. A huge mistake first time landlords make in short term rentals, particularly month-to-month leases, is to do so on a handshake and promise to pay. Any attorney or judge will tell you that a written lease, a contract, is completely necessary.
● Responding to repairs. From time to time, you’ll have to replace an appliance, have a plumbing issued dealt with, or make other repairs. Timeliness is of the essence because when it’s time to renew the lease, the tenant will have those things on his or her mind.
● Capturing the home pre-rental. Before the tenant moves-in, take pictures of every room and/or capture each room on video. This way, you’ll know exactly what’s different when the tenant decides not to renew their lease or moves-out without telling you.
● Familiarizing yourself with landlord-tenant laws. These laws vary from state to state and you should know them well. What might seem to be sensible might be an illegal act and you don’t want to find yourself in that position.
● Accessing only upon permission. Don’t enter the property unless you have permission and always give notice if it’s necessary.
● Knowing the eviction process. Learn the eviction process in your jurisdiction and be ready to evict if necessary.
● Staying away from discrimination. Don’t include discriminatory statements in your marketing materials, as these are illegal.

In addition to these things, you should always be prepared for periods of non-occupancy. These will happen and you ought to save an amount equal to at-least three months to get through them. For help finding a good Lake Gaston Vacation Renta (http://www.LAKEgastonteam.com/lake-gaston-rentals.html)l please Contact me (http://www.LAKEgastonteam.com/contact.html)