Perhaps you have been given a house in a relative's will. Maybe you've had to leave behind your much-loved home to move to a job in a new state.
There are many reasons people have homes without that long-term yearning for a career as a property investment. But whatever your reason for becoming an accidental landlord, we are here to help.
This rental property guide is your starting point. We'll outline three property management tips every accidental landlord needs to know.
1. Check Local Regulations
Before renting your property, learn the law. Navigating regulations will save you trouble and costs later.
Start by reviewing Portland's rules on security deposits and eviction processes. This will help you avoid potential costs and problems later if you have a problematic tenant who causes property damage or doesn't pay their rent.
You should also check the rules on rent increases to ensure you comply with the law. Currently, tenants must give 90 days' notice in Portland before a rent rise.
Understanding this is essential because if the market changes and demand rises, you'll want to ensure you get the money you should.
Remember that new laws are constantly being created, so it's essential to stay updated.
2. Be Efficient About Your Landlord Responsibilities
As a landlord, you will have many demands on your time. You'll need to screen tenants and book property inspections.
You'll also need to coordinate maintenance and repairs for your property, including complaints or emergencies from your tenants. You must stay organized and keep your tasks and priorities as streamlined as possible.
That will keep your tenants happy and your expenses low. It's also worth considering a professional team who can oversee things on your behalf.
These teams have all the tools and processes to get things going from day one. And suppose you have become a landlord by accident.
In that case, it means you can continue with your day job and leave the daily tasks and demands of property management to someone who knows the ins and outs.
3. Get Financial Advice
It's essential to consider the tax implications of owning a rental home. Get some advice from a financial or real estate professional.
They may be able to guide you on tax deductions you can claim to reduce the costs of owning your rental property. For example, you may be able to make deductions for mortgage interest and operating costs.
However, an advisor can go through the tax details with you. It would be a fundamental step in property ownership, even if you accidentally became a landlord.
Keeping on top of tax responsibilities will ensure your costs are manageable and you maintain a healthy profit, giving you the best long-term prospects.
Making a Success of Life as an Accidental Landlord
You may not have had landlord down as one of your dream careers when you were young. But you can make a success of what you have. Use these three accidental landlord tips to help you get started.
The best landlord advice for beginners is to seek help from experts. At PropM, Inc., we are ready to give you a helping hand.
Our streamlined, tried-and-tested approach means you can get property ownership right from day one. Contact us today to discuss your requirements.
