There are several ways to become an accidental landlord in Suwanee, Georgia.
Some accidental landlords inherit a tenanted home. Others find a new home and decide to rent out their existing home to help pay off their mortgage. However, if you become an accidental landlord, you'll likely need a little help figuring out what's involved in managing a rental property.
Read on for the top tips on how to secure your rental income and succeed at being an investment property owner.
1. Look Into Local Laws
You must familiarize yourself with all of Georgia's landlord-tenant laws before you advertise your property for rent.
For starters, you'll need a license to run a rental business in Suwanee, and you must comply with all the conditions of the Fair Housing Act when selecting tenants for your home.
2. Protect Yourself
Landlord insurance is vital to protect your investment and safeguard your earnings from rental property. This type of insurance is similar to household insurance, but it offers additional coverage.
Most household insurance does not cover rental property. Landlord insurance provides coverage for:
- Damage to the property's structure
- Lost rental income due to property damage
- Damage to your personal belongings
- Legal fees and medical bills for injuries sustained on your property
Installing security systems and fire protection measures, as well as upgrading your home's weatherproofing, can help you pay lower premiums on your insurance policy.
3. Tenant Screening Is a Must
Bad tenants don't pay their rent; they disregard the terms of their lease and may damage your property. The best way to find good tenants is through tenant screening before you sign a lease with prospective tenants.
This includes checking their details and includes the following:
- Checking criminal records
- Researching their credit history
- Verifying employment and income
- Asking for landlord references
- Investigating their tenant history
All tenant background checks must comply with the Fair Credit Reporting Act.
4. Stay Up-to-Date With Property Maintenance
Well-maintained properties retain their value and attract better tenants. You're also required by law to maintain your property in a habitable condition.
When you carry out routine preventive maintenance, you'll also reduce the need for costly repairs and replacements. Frequent property inspections are the best way to identify maintenance issues.
5. Gather a Team
Few landlords have the time, skills, or property management knowledge to thrive on their own. It takes a team to manage a property effectively.
A real estate lawyer can provide invaluable assistance with all the legalities surrounding landlord-tenant relationships. An accountant will help you keep track of expenses vs. income and help you prepare your taxes.
Building relationships with local contractors ensures you get the best prices and service on routine maintenance and repairs.
Get Help for Accidental Landlords
PMI Atlanta City has helped many accidental landlords navigate the ins and outs of owning rental properties. We are backed by over 20 years of experience in the Georgia real estate industry and pride ourselves on our conscientious service and expertise.
We can guide you through every aspect of becoming a property investor and offer invaluable landlord tips to help smooth your journey. Let's get started today.
