On paper, being a landlord may look like an easy task. After all, you just simply purchase a property in a nice area, find a tenant, and let the income start rolling in. Right? Well, not exactly. Although the process can in fact be broken down in to manageable steps, going about these the wrong way can come back to haunt you if you are not properly prepared.
For example, when dealing with tenants – or prospective tenants – it is essential to keep everything legal. Here, you will need to ensure that your lease offers you ample protections and that your property(ies) provide a safe and healthy place for tenants to reside. One of the best ways to make sure of that is to have your properties inspected prior to offering them for lease.
Likewise, both state and federal laws outline various responsibilities, as well as potential liabilities, of landlords. In this case, be sure that you know the rules to follow, as it is always better to spend some time on the front end learning the do’s and don’ts as versus being involved in a lawsuit down the road.
It should also go without saying that taking the time to call references and run credit checks on potential tenants can mean the difference between constant worry about whether or not you’ll receive the rent check every month, or being able to rest well at night.,
The reality is that there are inherent risks in any type of investment. And, while risks can never be 100% eliminated, in helping you to at least minimize them, you’ll have a much better chance of profiting from your efforts.
If you have the desire to own rental property, but you prefer to be more of a hand-off type of landlord, working in conjunction with an experienced property manager can be an ideal solution. In doing so, you can make better use of your time, while still receiving a regular income from your investment. For more information on how to work with a well-established property management team in Central Florida, Contact Us.