So, you’ve decided to dive headfirst into the tumultuous sea of property management? Congratulations! You may have heard horror stories of the landlord life – filled with leaking faucets, late-night tenant calls, and the ‘but I thought I told you I had a pet pig?!’. But fear not, intrepid landlord-to-be, for with a dash of determination, a sprinkle of savvy, and a whole lot of elbow grease, you can conquer the wild world of rental property management like a boss! Or outsource the main thing that will make our break your rental: securing a tenant! If you’re looking to get some help with this – reach out and let’s talk: happyhomescoltd@gmail.com – and if you want to tackle the whole thing yourself, read on!
Fix it Like a Pro
First things first, if you want to avoid being haunted by the ghost of maintenance past, you need to frontload the heck out of your property. That means rolling up your sleeves, channeling your inner Bob the Builder, and fixing anything and everything that’s even remotely wonky. Leaky faucet? Fix it. Cracked tile? Patch it up. Mysterious stains on the ceiling? Investigate… and then pretend you never saw them. Paint, deep clean, replace filters, buy fire extinguishers, put batteries in smoke & carbon monoxide alarms, spray the lawn for weeds and leave the home in the kind of shape you want to find it when they move-out!
Tenant Screening: It’s Like Tinder, But for Roomies
Now, let’s talk about tenants. You wouldn’t invite a pack of rabid raccoons to live in your spare bedroom, would you? Of course not! So why settle for less than stellar tenants? Be picky, be ruthless, be the Simon Cowell of rental applications. Some of the requirments I use:
1. Everyone living in the home that’s over the age of 18 needs to fill out a background check/credit check and be on the lease.
2. At least one of the tenants must have a 670+ credit score.
3. Must have references for job history & rental history.
4. Income must be at least 2.5X’s the rent amount.
5. Security deposit is due prior to moving in and isn’t considered the last month’s rent.
6. All pets must be cleared with landlord and pet fees & deposits apply
Set strict guidelines, conduct thorough background checks, and trust your gut. Remember, you’re not just renting out a property, you’re curating a community of responsible, rent-paying citizens who will be caring for your asset. Be sure to check your local state laws for any restrictions guidelines you need to abide by.
Rules, Rules, Rules
Once you’ve assembled your dream team of tenants, it’s time to lay down the law. Think of yourself as the benevolent dictator of your rental empire. Establish clear rules and regulations, enforce them with an iron fist (or maybe just a sternly worded email), and don’t be afraid to crack down on any shenanigans. Late-night drum circles in the backyard? Not on your watch! Smoking not allowed? Enforce major fines within the lease if rules are broken. Tenants responsible for the lawn? Doing monthly drive-bys may help enforce!
Maintenance Madness
Ah, maintenance. The bane of every landlord’s existence. But fear not, for with great power comes great responsibility… and a hefty dose of DIY know-how. Create a comprehensive house manual outlining all maintenance requirements, from changing light bulbs to unclogging toilets. And remember, Google is your best friend. With a quick search and a can-do attitude, you can tackle even the trickiest of repairs like a seasoned pro. Before handing over those keys, be sure to change filters, replace batteries, change lightbulbs, fix any issues to ensure you don’t get those calls!
The Almighty House Manual
Last but not least, let’s talk about the holy grail of rental property management: the house manual. This sacred tome contains all the wisdom and knowledge needed to keep your property running like a well-oiled machine. From emergency contact numbers to step-by-step instructions for resetting the circuit breaker, the house manual is your lifeline in times of crisis. Treat it with the reverence it deserves, and it will never let you down.
Counting the Benjamins
Now, I know what you’re thinking. “But won’t managing my own rental property be a massive headache? Won’t I be drowning in a sea of paperwork and late-night phone calls?” Well, my friend, let me set your mind at ease. Sure, being a DIY landlord isn’t always a walk in the park, but think of all the money you’ll save by cutting out the middleman. No more shelling out hefty fees to a property management company. No more waiting around for someone else to fix your problems. With a little sweat equity and a whole lot of moxie, you can take control of your rental empire and watch the cash roll in.
If you’re wanting assistance with the bulk of Landlord responsibilities, but don’t want to pay those heafty property management fees – reach out to me for a detailed package for the DIY landlord!