A Few Landlord Tips For Newbies

Feb 2, 2024 | Library

landlord update

Owning property is a great way to develop your net worth. However, there are responsibilities, so here’s a few helpful tips…

Research

Protect yourself by doing your homework on responsibilities of landlords and keep up with new information.

Maintain a business mindset

Separate business from emotion at all times. You’ll pay lawyers, accountants, and insurance companies, so take their advice.

Understand tenant law and your rights

You’ll need basic knowledge of landlord and tenant rights. Know security deposit rules, inspection requirements, tenant notice laws, and other key information.

Determine how you want to collect rent

You should use an online system to handle payments as it’s easier to track.

Pet friendly

Potential damage to the property, noise complaints, and liability exist. However, to offset the risk consider an increased deposit as pet friendly rentals are in high demand.

Liability and renters’ insurance

Landlord liability insurance protects you and your property. Renter’s insurance is paid by the renter and provides you and property with greater protection and covers renter’s personal items.

Stay Organized

Save and record all expenses and hire an accountant experienced in filing taxes for landlords.

Photos

Take photos before move in and of all preexisting damage when you do the move in walkthrough to justify future security deposit deductions.

Summary

Many people believe the best teacher in life is experience, so strive towards running a reputable rental and you may soon own multiple apartment complexes!

I hope this was helpful. Feel free to reply with any questions you may have or call me at 949-209-9494 or visit GenuineManaged.com to learn more about us.

With best regards,
Marcel Ford
Genuine Property Management

* We are not attorneys, financial advisors, nor tax experts and the information above we deem to be accurate but is not guaranteed.

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    I became a new tenant in a property managed by GPM.

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