If you own a home and are considering turning it into a rental, I have four tips to help you make that transition successful.
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A lot of my clients are excited when they find out that we offer property management services because they didn’t want to take the risks or deal with the headaches. However, if you’re thinking about managing your rental property on your own, there are four things you should do:
1. You have to screen your tenants, including running credit checks and background checks on anyone you’re thinking of renting your property to. These checks can be indicators of what kind of tenants they’ll be.
2. You need to have a written lease. This will clearly outline and define who is responsible for what. Should you have a legal problem down the road, you’ll be able to rely on your lease.
A written lease will outline and define who is responsible for what.
3. You need to make repairs in a timely manner. If you don’t, and your tenant gets harmed or injured, you could be liable and at risk for a lawsuit.
4. Be aware of and follow your state’s landlord/tenant law. It’s important because if, for instance, you enter a home without proper notification, you could be at risk for losing the deposit on the home, even if your tenant skips out on the lease or has done substantial damage to the property.
If you would like someone else to handle the management of your rental property, feel free to reach out to us by phone or by visiting www.ShannonRPM.com. We would be happy to help you!