Do you want to purchase a rental property in the Austin area? Rental properties are a great investment, but some people do not realize how much work is associated with being the landlord of that rental property, and that’s where a property manager can help. Here are five things you should know before becoming a landlord:
Unpredictable Hours – For most people, the workday begins at 8 a.m. and ends at 5 p.m. However, with an investment property, that is not the case. When you own an investment property and take on all the landlord responsibilities, chances are you will have a crazy schedule. One day you could have one hour of work and the next day you could have significantly more. It all depends on the tenants and repairs associated with your property.
Jack-of-All-Trades – As a landlord, you’re what most would call a jack-of-all-trades. For your rental property, you’ll handle everything from repairs to negotiations to collecting rent. In order to be successful, you’ll have to be able to handle all the roles that are associated with being a landlord. Take a look at all of your landlord roles here.
Legal Rules – When you purchase a property with the intent to rent it out, you must comply with all the legal rules associated with renting out that property. What are these rules? Take a look: Overview of Landlord-Tenant Laws in Texas and Top 9 Landlord Legal Responsibilities in Texas.
Get Legal Advice – After drafting your lease agreement, take it to a lawyer to make sure it is valid and meets all the legal requirements. As a landlord, getting suggestions from lawyers on your lease could save you thousands of dollars, potentially preventing sticky situations.
Tenant Screening Process – You can only be a landlord if you have a tenant. Make sure you set up a thorough tenant screening process. You don’t want to accept a tenant to later realize they have a bad credit rating and are continuously late on rent.
Now, if you want to be a landlord but don’t want to handle all the responsibilities associated with owning a rental property, hire a property management team like TALK Property Management! As property managers, we have the experience to help you with all the time consuming tasks above.
Do you have any questions about property management? Give us a call. We would love to answer any questions you may have.
Resources:
http://www.cbsnews.com/media/9-things-to-consider-before-becoming-a-landlord/8/
https://www.thebalance.com/before-becoming-a-landlord-2125009
