An accidental landlord is someone currently renting out a property, without pursuing "landlord" as their vocation. You can become one if you're in possession of property that would cause you a financial hit to sell. If instead of selling the property at a deficit, you choose to rent it out, you're an accidental landlord.
But what do you do if you're in this situation and real estate investing just isn't your bag? How do you become an expert without the experience built up? How do you survive in the ever-growing world of homes for rent?
If you've found yourself asking these questions, you've come to the right place. This article will walk you through the first things you should do if you've wound up an accidental landlord.
Reach Out to a Contractor
If you're going to start renting your property out, it's a good idea to hire a contractor to make sure that your home is in ship shape. Contact any friends or family members you have who might offer you a lower rate.
Make sure that there aren't any serious flaws with the home before you rent it out. If there are problems, you might be able to get one person to come and rent from you, but they'll destroy you in online reviews for this.
By hiring a contractor, you could also transform a house for a family into several apartments. Have your contractor survey your house, and see if any walls/doors can be blocked off, any rooms can be added, and if two houses can be made.
Make Sure You Obtain Landlord Insurance
The last thing you want in your new job is to receive damage to your property by a clumsy tenant, and then have to pay for it through the nose. Obtain landlord insurance, and make sure you understand just what you're protecting when you obtain it.
Set the Correct Rent Price
Renting is a balancing act. You don't want to set the prices so high that no one comes to live at your property, but you don't want to set it so low as to not turn a profit. Check common rental prices in Fort Lauderdale to make sure that you're pricing your property reasonably.
Hire Property Managers
If you're a new landlord, you most likely won't be able to handle property management yourself. There's no shame in this. Hire a property management service that will surely save you time and headaches as a new landlord.
Thrive as an Accidental Landlord
You might not have become a landlord on purpose, but that doesn't mean you can't turn a profit in this endeavor. Reach out to contractors to make your property rentable, obtain landlord insurance, set the right rent price, and hire property managers, and you're well on your way to becoming a successful accidental landlord.
For more information, contact us today.