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Consider this scenario: The housing market has tanked, and you are trying to sell your first house but to no avail.
You are stuck! Then you think about putting your house up 'for rent by owner'.
Great idea, right? Well, it depends on whether you have considered the full picture.
That's why we have written this article for you, so you can be aware of the 5 things that could make or break your time as a first-time landlord. So keep reading!
1. Understand How Much Responsibility Renting a Home Is
Most people don't realize how much time and effort goes into renting out a home, be it their first time or umpteenth time. There's a lot that goes into preparing a home for tenants. Not only do you have to clean the house and make it aesthetically suitable, but you have to ensure that the roof doesn't leak, the appliances work perfectly, and there isn't a pest problem.
Are you ready for all this responsibility? Consider this carefully before renting your property out.
2. Don't Forget to Screen Your Tenants Properly
Having a bad tenant hanging over your head has to be the worst thing that a first-time landlord could go through. That's why it's paramount that you screen your tenants carefully. Take your time with this decision, as it could be the thing that breaks the camel's back.
3. Consider Hiring Some outside Help
Are you a handy sort of person? Are you comfortable with fixing a clogged toilet or an electrical issue? Probably not.
That's why it's important to consider getting outside help for your rental property. Think about it this way - if handy work is your weakness, then hiring outside help could save you time, money, and a lot of unnecessary added stress.
Also, if you are already getting anxious at the thought of being a first-time landlord, then consider hiring a property management company to take care of all the nitty-gritty details, so you can rest easy and just focus on the financial aspects of being a real estate investor.
4. Renting Your Property Out Means You Are Always on Call
Do you like having your free time to yourself? Do you hate it when people call you out of the blue asking questions or wanting to have a conversation? If you are an introvert, or just not good with people and interruptions, then perhaps being a landlord isn't really for you.
5. Market Your Property Well So You Never Run Out of Good Tenants
Tenants come and go. This is especially true for good tenants, who are always going away to better pastures. That's why you will need to create a marketing method that can keep the flow of good tenants constant and stable.
'For Rent by Owner' - Are You Ready to Level Up?
Being a first-time landlord isn't as easy as putting up a sign 'for rent by owner' and sitting back and relaxing. There's a lot more to that responsibility and most people aren't ready for it on their own.
That's where HomeRiver Group in Austin, TX comes in. We are here to help you with your landlord duties so you don't have to do it all alone! Contact us today and get started on your real estate investment journey.
