Finding yourself unexpectedly in possession of a vacant property can be an overwhelming and stressful experience, here are some things you should know if you ever end up in this position.
Understand your legal obligations. When you become a landlord, it will be your responsibility to keep the rental property in a good, habitable condition for your tenants. The most time-consuming aspect of being a landlord is responding to maintenance repair requests on the property promptly, the timeline of this depends on each state’s rental laws. One of the benefits of going with a property management company is they already have an understanding of all your states rental laws.
Tax liabilities. As a homeowner, your mortgage company reports the information you need for your tax return, such as mortgage interest paid, and property taxes and insurance paid. Things will change as a landlord. Your mortgage company will still report the same information to you as they did before, but you also likely have many other deductions you should take advantage of once you start renting out your home.
Hiring a property manager. Hiring a property manager is the best way for an accidental landlord to get on the right track to handling an unexpected property they would like to rent out. Property managers will guide you in what needs to be done to get the home ready to be rented out, as well as helping you to understand all the laws and rules involved with owning a rental property. Property management companies will also handle finding qualified tenants, collecting rent and taking care of maintenance in a timely fashion.
24k Property Management is prepared to help you every step of the way!
