Important Things to Consider When Renting Out Property – Winston Rowe and Associates

Renting out a property can be profitable, but there are a number of potential issues to watch out for.
By: Winston Rowe and Associates
 
 
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* Tampa - Florida - US

TAMPA, Fla. - July 24, 2019 - PRLog -- To avoid problems, owners should be mindful of the things that can affect the rental value of their property.

1. Tenant Reference and Employment Checks

This should go without saying, however, too many landlords meet prospective tenants in person and trust them because they are nice and affable people.

2. Systems Failing and Things Breaking

Have a plan before things break and systems fail. Build relationships with plumbers, electricians, handymen, etc., creating a strong network of vendors that you can trust.

3. Eviction Rights

Don't rent to anyone you can't evict. Who rents your home will make or break your rental income?

4. Realistic Rent Amounts

Check local rental listings to find out what you can realistically charge. If you want to find a good tenant, the rent must be comparable to the going market rate.

5. Local Laws

Landlords will be tempted to rent more space than is locally allowed, such as a finished basement that is not approved as a legal unit.

6. Your Investing Goals

One thing many first-time landlords forget to do is define their investing goals. We certainly did this with our first rental property.

7. If the Numbers Work

Before you get emotionally invested in the idea of converting your home into a rental, you have to run the numbers.

8. Condition of The Home's Maintenance

In assisting a client with finding a rental property, you must consider the condition of the home's maintenance.

9. Getting Long-Term Tenants

Consider finding tenants that are interested in longer-term leases as this will save you time and money in the long run.

10. Renters Insurance

Make sure that the tenants who rent my clients' properties have rental insurance coverage.

11. Vacancy Costs

Remember that pricing a property at market rate helps you become cash flow positive sooner and lowers vacancy costs.

12. Home Warranty Plans

Becoming a landlord? Be sure to pay a few hundred dollars a year on a home warranty plan that covers repair costs with a minimum fee upfront and make the tenant pay the fee each time.

13. Property Inspection

Getting a property inspection prior to tenants moving in is always a good idea.

Published by Winston Rowe and Associates https://www.winstonrowe.com

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