One of the most common things that happens every year is a family member passes away, and leaves a heir with an income-producing property, while making that heir an accidental landlord.
Yes, most people who become accidental landlords don’t wake up one morning planning to manage a rental property, but the good news is that there are several things that accidental landlords can do to prepare.
#1 – Understand Your Obligations As A Landlord
Even though it may seem overwhelming at first, being a landlord is one of the best ways to build wealth while establishing a stream of passive income, but you first have to be aware of your obligations as a landlord.
Start by learning more about the landlord-tenant laws for your state because they can be easily researched online so that you will know what’s acceptable in your relationship with your tenant.
#2 – Get The Property Inspected
If your relative who owned the property was older, there’s a strong chance that the property may be in need of maintenance, so it’s best to get it inspected ASAP because this will help you to so you prepare for upcoming repairs that may be needed.
#3 – Review Your Rental Property Paperwork
From reviewing the lease to setting up a system to track income/expenses, you should get to know your rental property paperwork because the lease may be up for renewal or there may be other bills at the property that are overdue and need to be paid.
#4 – Meet Your New Tenants
Last of all, but most important, another thing that you should do immediately is meet your new tenants so that you can introduce yourself as their new landlord and go over basic rules like when rent is due, how it’s to be paid, and when it’s considered to be late.
Don’t Want To Be An Accidental Landlord? Contact GoldenWest Management
If you’re not ready to be an accidental landlord, but you do want to hold onto your new rental property, we can provide you with comprehensive property management services so that all you have to focus on is enjoying the ROI from that property.
To learn more about the property management services that we can offer you, contact us today by calling (866) 545-5303 or click here to connect with us online.
