ESTATE


6 Tips for Homeowners Who Turn Into Landlords
2009/03/02, 5:03 pm
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Home owners who decide to rent out their properties have to stop thinking of themselves as home owners and instead consider themselves as running a small business, experts say.

Thinking like a businessperson means focusing on the monthly cost of maintenance, mortgage and taxes, as well as being aware of landlord-tenant regulations and avoiding liabilities.

Here are key issues to consider:

  • Set a fair rent. Setting the right price will make it more likely that a landlord will be able to keep the place rented.
  • Understand landlord-tenant rules. Running afoul of landlord-tenant regulations and rules regarding security deposits can be costly.
  • Screen applicants. Eliminating potential tenants who can’t pay or who won’t take care of the property is very important.
  • Lay out the rules in a lease. Widely available sample leases can help. If you have questions, ask an attorney.
  • Consider a property manager. Despite the expense, turning the job over to experts can help a landlord come out ahead.
  • Talk to the condo association. If the property is a condominium, be prepared to deal with a host of regulations.

Source: The Washington Post, Renae Merle (02/28/2009)

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[…] Original post by mhanna43 […]

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