How Should I Set Up a Rental Property?
A rental property can provide income as well as pay down the mortgage; however, the wrong tenants or lots of maintenance costs can put you in the red. To succeed as a landlord, your rental property should be set up with solid tenants and proactive maintenance.
Before Renting it Out
Make sure the rental property is in stellar shape before you rent it out. Walk through the property and make a list of everything that needs repair. Take your time and check all electrical outlets, doorknobs, window locks, water heaters, the HVAC, all appliances and door locks. Be sure to turn water on and off in all sinks, showers, tubs and toilets to be sure they work properly. Starting at the back of the house and moving to the front, check each room before moving to the next room to ensure you do not miss anything. The outside of the house, garage and laundry room should also be examined.
Make Repairs
It is easier to do repairs and remodeling on a vacant property than an occupied property. Whether you are hiring a professional crew or doing the repairs yourself, every item on the list should be taken care of and checked off. If landscaping will be included, wait until all other repairs are complete before landscaping to reduce the chance of crew members destroying new plants. Record on the checklist the date that each repair was completed as this will assist you in scheduling maintenance. Once all repairs are complete and the property is cleaned and ready to occupy, walk through it again and take several photographs of each room and the front/back yards.
Lease Preparation
A properly prepared lease will protect you in the event the tenants default. The lease should include the rent amount, lease period, who is responsible for utilities, whether or not pets are permitted and any other restrictions, who may live on the property, and any other points that are important to you. It should also include what deposit is required and under what circumstances deductions will be made. Your contact information should be in the lease for easy access by tenants if needed.
Advertise Property
Advertising the property will give you more options for tenants. Online ads, newspapers, word of mouth and rental agencies are examples of where to find your renters. The ad should present the house in a realistic, yet, positive light. Mention whether appliances are included, key features of the house and nearby shopping, highways and tourist attractions. The ad should include what date the property is available, how much the rent is, how long the lease is for and what the deposit will be. Stating in the ad whether or not you will allow pets will save everybody time by only attracting tenants who will comply with that policy. Include a regular maintenance schedule so tenants are aware of when you will need to come in to change filters (if you are taking that responsibility) , service HVAC units, etc.
Tenant Choice
Regardless of how friendly a potential tenant appears, do your homework before renting to him. Having potential tenants complete a rental application and sign it gives you the green light to check them out. Make sure it is signed under the area that gives you permission to do background, credit and employment checks. If you don't have access to a credit reporting agency, go to the county courthouse in your county and check the potential tenant's name for past lawsuits and criminal charges. Call the listed employer and ask about length of employment. Fax a request for income verification. If everything checks out, have the tenant sign the lease, pay the deposit and rent and move into the property.
Maintenance
Regular maintenance on the property is important to your property value. It will also help you attract and maintain good tenants. Be sure to take care of all repairs as soon as possible after you are notified.
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