Landlord Essentials
Have you ever thought of being a landlord in Burbank, collecting passive income in form of rents every month/year? Don’t get excited yet, being a landlord takes more than just having a house and having people to occupy it and pay rents to you.
There are a couple of things you should consider before setting off.
To be a landlord, you have to be financially resourceful but that is not the only thing required, you also need managerial skills. Before actually deciding to become a landlord, you may be assuming it is just a “walk in the park’’. However, that is not usually the case. You may decide whether or not to furnish your property. It is good if you did this because the rental value of such a property is usually very high, but there is a downside to this. It must be noted that any appliance or furniture or whatever it is you have furnished the property may get broken and the responsibility will certainly fall on you.
Sometimes there could be some emergency repairs such as broken windows or a broken toilet or sewage pipe which could be so uncomfortable because it actually eats into your profits. However, here at losangelispropertymanagementgroup.com, we ensure that the maintenance of your property is done swiftly we also work to maximize your profit and to reduce or minimize landlord-tenant interaction, so you don’t have to break a sweat when things go wrong.
Now you have made a decision to be a great landlord, but then another question you must ask yourself is this, “do I know the rules and regulations that govern rents”? And also you must know your tenants. This is very essential, as matter of fact it is extremely important you know the people you are actually renting out your house to. This is because you do not want tenants who will go beyond their paychecks to settle the rents. Note also that the federal law requires that a tenant whose application for a house was turned down due to his bank statement should be sent a letter stating the reason for not granting their request. Therefore, a check on the background and credit statement of your prospective tenant is very necessary.
As a landlord how do you handle nonpayment of rents? Being a landlord could be burdensome, this is because you may have tenants who may fail to pay as at when due and you may want to evict these guys and then all the hassles and sweats follow. One way to avoid this type of stress is through tenant screening. losangelispropertymanagementgroup.com is the property Management Company you can trust. We have been delivering top quality service for over 20 years with many awards to show for it. Though it is not impossible to evict a really bad tenant from your property, it is a “hard nut to crack”. It is much better if you didn’t let them in at all. Here at LAPMG.com, we provide a screening process that eventually results in good tenants that take care of your property like their own, pay on time and actually rent longer. We give you tenants that cause fewer or no problems. However, if you own a property that is a rental property in a California Community with a reasonable rent control, you will need to adhere to the local laws that regulate how much a landlord may charge in rents. Failure to comply with these laws can lead to serious issues with your tenant and also the court may impose a hefty fine which you must pay. You must, as a matter of fact, know your legal responsibilities as a landlord.
Being able to make and safely keep copies of your tenants’ money orders (rent checks) is another major part of the job. Why do you need this information? You need it for reference purpose, to know whether or not you have been a generous landlord, you also need this information in case there arise a situation where the tenant may insist that what he owed is far less than what you are asking for. You will immediately know this if you have kept some copies of these checks. A word of advice: never offer to collect rents from your tenants. Always ensure that you provide an address for them to mail it to you or you can simply leave it for the property managers to handle.
