So, you just invested in your first rental property, congratulations! Now there are a couple of things right from the beginning that you’ve done. You’ve cleaned your property, threw some fresh paint on the wall and now you’re ready to rent and become a landlord. Spring Hill is a great place to rent as there are constantly new people moving to the area. So far so good! But, there are a few things that every landlord should know before finding a tenant:
Think about upgrades – If you want to get a high paying tenant then you’ll need to think about upgrading some parts of your rental property. Kitchen, bathrooms, flooring and appliances should be at the top of your upgrade lists. Cutting corners works sometimes but not when you are trying to the most out of your rental property.
Consider animals – This really depends on what you are looking for in your rental property, but if you want a wider selection of tenants to choose from then accepting pets is the best way to do this. Just make sure to get a large non-refundable pet deposit when you allow a tenant to bring in a pet.
Keep everything organized – Make sure to have a special filing system just for your rental property. Keep every receipt for every upgrade done to the property (especially energy saving ones, this will be a huge write off) and every maintenance you will do from that point on.
Hire a property manager – Hiring a property manager will not only help you be able to invest in more than one property but they can help you find a quality tenant that has everything you’d want in a quality, long-term renter.
Becoming a landlord, in Spring Hill, is a great way to start a long lasting business all while investing in properties. If you follow these simple rules it can be a very lucrative business as well! Never forget why you decided to become a landlord and be the best landlord you can possibly be!