Rachelle, a real estate guru, came in to her office in the morning and was immediately surrounded by her staffers. Apparently a tenant of hers, one that just got out of a mental hospital and needed to stay somewhere, stayed in her complex. Walking up to his room, she discovers him lying naked with the bathtub faucet flooding the place. No, he wasn’t dead. But you have to consider that as a landlord, your duty would have to be to kick this man out and deal with the responsibilities involved. Here are some things to consider before officially becoming a landlord.
Are you ready to be a landlord?
Being a landlord comes with responsibilities. More of them are obligations rather than voluntary tasks. Repairs and maintenance are just one of the things that you are going to have to keep your eye on. Also shelling out money for your home insurance policy is a priority. This isn’t for everybody and while the benefits are numerous, so are the duties.
Do you trust your renters?
When you rent out your home, you have the option to screen your potential tenants. This can determine whether or not there are any red flags that you should be aware of. Building a rapport with your tenants will not only serve for social purposes but for security purposes as well. You don’t want vandalism in your house, approach this meticulously.
Can you advertise?
Before you even begin renting out your house, you need to find candidates that are willing to accept the pricing offered. First of all, a thorough cleaning of your home is required, followed by a listing that is posted on websites and newspapers. If you feel that you are a good seller, then this job might be even easier for you.
Bio: Kuba Jewgieniew is the founder of Realty ONE Group, a real estate brokerage firm that has grown to become the largest brokerage in Nevada and the fastest growing real estate brokerage in Arizona and California.