Are you an accidental landlord?
Property Management is a lot of responsibility and a lot of work – from keeping track of all important paperwork to interviewing potential tenants. You have to have basics of business knowledge and organization, as well as people skills. Some property owners don’t plan on becoming land lords, but eventually find themselves in that role. Without the proper knowledge and training “Accidental Landlords” can cost themselves a lot of time and money.
Here are 5 tips that All Property Management gives to business men and women who find themselves as an Accidental Landlord:
- Realize that owning rental property is a different than rehabbing and selling or wholesaling. There are many landlords/tenant laws and they do vary by state, county and even by city. Research these rules and make sure you are up to date on all that you are required to do as a landlord in order to avoid lawsuits.
- Know your tenants’ rights. These also could vary by state and can be found online or with little effort.
- Find a lawyer who specializes in landlord/tenant issues, come prepared with questions and ready to gain as much knowledge as you can from that lawyer.
- Try and hire a professional property manager if you yourself do not have the experience. They will be qualified and able to make the tough decisions if it comes down to eviction.
- Make sure that being a Landlord is something you really want or that you have put someone in place who will be a kind but firm property manager. Making sure that the property and the tenants are taken care of and held accountable.