Shared from Texasrealestate.com
Sure, you could handle all the tasks necessary to manage the rental property you own. Before you make that commitment, ask yourself the following:
1. Do you know the laws pertaining to rental property?
Do you know when you’re required to change locks, what you can deduct from a security deposit, when you can access the property, and where smoke detectors are required? There are also fair housing laws to consider, rules concerning applications, and more.
2. Will you be available when problems arise? Do you know what to do?
What will you do when there’s a plumbing problem or the AC doesn’t come on? What if there’s a burglary? What are your options if the tenant stops paying rent or leaves before the end of the lease? What happens if there’s a death at the property?
3. Here’s something else to consider …. Do you know enough about the market to set the rent at the optimum amount?
If you ask too much, you’ll lose money waiting for a renter who will never materialize. Ask too little and you’ll lose money month after month. You’ll also want to keep up with the market so you know when to raise rents and what to ask the next time you have tenant turnover.
01/06/2017 | Author: Marty Kramer