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7 Questions To Ask Yourself Before Becoming A Landlord

Are you thinking of renting out your home or investment property and becoming a landlord? Though it may sound simple, it is anything but. Take a moment and consider what’s really involved. Here are seven questions to ask yourself before becoming a landlord.

  1. Do you have a lease? Finding a lease isn’t as easy as purchasing one in Staples. You’ll need to have a lease specific to Florida and one option is to hire an attorney to write the lease for you.
  2. Where will you hold your tenant’s security deposit? There are specific laws regarding the holding of other people’s money. It’s important to know these laws.
  3. How will you handle tenant repairs? Landlord and Tenant laws require that you make serious repairs quickly. Will you be available when the tenant call comes in at 2 in the morning?
  4. How will you collect the rent? Will you collect in person, by mail or are you set up to collect rent electronically? Collecting the rent is an important part of being a landlord as that is how you get paid. With today’s technology, most tenants expect to have the option to pay online.
  5. How will you respond if a tenant doesn’t pay? There are certain steps to be taken when a tenant stops paying rent. Following these steps is critical to the eviction process.
  6. Do you have an eviction attorney? The eviction process is an arduous task and can be costly to the landlord. Having an attorney who specializes in evictions is key to the proper eviction.
  7. Do you have the proper paperwork filed with the county? A lot of landlords rent out their property without giving any thought to what needs to be filed to make their property a rental.

Consider hiring a property management company. A property manager will be able to help guide you through this entire process. They can manage the financial components, arrange for repairs, and should the need arise help direct you to reputable attorneys. The money spent is well worth it for the peace of mind you will have renting out your home or investment property. Being a Landlord comes with a lot of responsibility starting with having the proper lease, knowing where to hold the tenant’s security, to handling of repairs, to collecting the rent, to having an eviction attorney and to filing the proper paperwork.   By hiring a reputable property management company, you will be relieved of the worry and the responsibility of being a landlord.

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