Renting out your property to a tenant can be a grand way to make extra money on the side, but there are several variables that can shake whether or not it turns into a nightmare, or a thing of fruition and promise.
If you have the ability to rent out a property, I would recommend doing it, but do so mindfully. One has to be prepared to be active in managing the property and there are better ways of doing so than others. I have transcribed five tips to leave you better off in case renting out your home or apartment is something that interests you.
Leaky faucet…broken pipe…debris from a summer storm scattered all throughout the yard? These are just a few examples of the many things that will require your attention when managing a rental property. Having a distant manager that won’t come when called is an absolute dreadful experience for a tenant, so be available to respond when called.
Not being a handyman shouldn’t be a problem
You shouldn’t feel guilty if you aren’t quite the mechanical person that seems to be able to fix all of the maladies a home goes through. We all have our own skills, and just because you aren’t a handyman won’t mean you can’t lease out your property: but you will need someone who is.
Do you know a neighbor or cousin that is looking for some extra work and can work as a keeper of the grounds? Finding a handyman isn’t very difficult, but you will have to pay a bit extra.
Now being present and available to respond promptly to emails, text messages, and phones calls is one thing, but you will also want to live somewhat close to the property you are managing. This is a must for those emergency situations where a pipe breaks, or if you simply want to pick up the rental check. Renting a place out in Los Angeles while you live in Sun Valley is fine, but La Jolla to San Francisco would be a bit more difficult.
Make the guidelines clear
There is no room for grey areas when renting out a property. If you don’t want a tenant bombarding your lawn with cigarette butts, or smoking inside, make it known. Make what is expected from the renter as well-defined as possible.
Find a good tenant
The title says it all: find someone you can trust to live in your property. A sibling may work, or a friend from work.