Live, Laugh, Lease: Four Essentials For Accidental Landlords
If you recently moved from your home and leased it out, or inherited a rental property, you're in one of the largest demographics of real estate investors: accidental landlords. When it comes to leasing, the learning curve is a harsh one.
I kept my first home as a rental property after I moved out and thought I could handle managing it myself. Worth noting, this was before I was in the property management business myself. I didn't yet understand what managing a rental would entail, and things went south before long. I wound up dealing with an eviction lawsuit and a lot of learning experiences.
It takes more than a keen business sense to lease property in a way that maximizes profitability, meets all necessary legal requirements and protects you as an owner. Here are four tips to steer you straight in the complex process of leasing.