Let me start by congratulating you on becoming a landlord in Burbank. This is an exciting and rewarding journey. As a new landlord, you’ll be in a position to make people’s life easier and their dream come true. Of course, you will get rewarded through rent when you do your job well.
Becoming a new landlord is a serious business. Now that you have your own rental property, what you do next will determine whether you succeed or fail. Here at Los Angeles Property Management Group, it is our wish to see you succeed.
Below, we have listed what you should do next after becoming a new landlord:
Learn State Laws
It is important that you know what you should do and what you should not do as a new landlord. Please note that state laws guide and protect the landlord-tenant relationship. These laws vary according to the state.
The law in California may be a little different to the law in Nevada. Even if you have been a landlord in Nevada and now bought a new house in Los Angeles, you should read and understand California fair housing laws. This will enable you to to avoid breaking the law or getting yourself into legal battles.
Inspect the Rental Property
After purchasing a new rental property, you need to inspect it to find out what needed to be changed or upgraded. You should also find out what you need to add to the property in order to attract the best tenants. You need to ensure that the carpet or flooring is in good shape and the doors and windows are working properly.
Even if you are going to give the property to someone to manage for you, ensure you make out time to inspect the initial state of the property before handing it over to someone that will manage it for you.
If your new rental property did not come with insurance, you will need to purchase it. This will protect you, your property, and your tenants. You also need to maintain liability coverage for your property for injuries or damage to tenants and their guests.
In a situation where you obtained a policy when you were financing the property, it is important to review the policy to know if you will need a higher coverage. You need to ensure you have the right coverage for your rental property.
Determine How Much You Should Charge as Rent
If you make some upgrades to your property, you can decide to increase your rent. On the other hand, you can decide to lower your rent or keep the rent the same in order to attract new tenants fast.
When determining your rent, you need to consider a lot of factors. Find out the rent charged by other landlords in your new area. Make sure that your rent is not too high to chase new tenants away or too low to make you lose money.
Decide If You Need to Hire a Property Manager
As a new landlord, hiring a property management company can help you get started. Getting started as a new landlord can be extremely daunting experience. A property manager can help you attract new tenants, set the right rent, do maintenance, and even evict bad tenants. You are likely to keep your property in top condition when you make use of an experienced Los Angeles property manager.