Think again! In the continuing series of true experiences from my own files. I’ll provide an example every week or so about one of my service areas:
- Residential Rental Management
- Home Watch
- Prepping a Home for Sale or Rent
- Service for Your Own Home or Small Office
Will you be a first time landlord?
- First and foremost, check with a Realtor to see the market value of renting your home
- Second, gather all costs including mortgage, insurance, taxes, sewer, condo fees (if they apply), etc.
- Next, discuss with your accountant. Even if you don’t show a positive cash flow, you may still have a tax advantage by renting your property
- Consider putting the property into its own LLC (limited liability company) to protect your other assets
- Consider using a Realtor. They will conduct a credit check and help you find the best tenant for your property
- Make sure to complete the smoke detector/CO2/fire extinguisher inspection for your township. Don’t try to save a few dollars by skipping this – be safe and be compliant!
- Also be sure to register as a Landlord with your township. There isn’t normally a cost and this protects your rights as a Landlord
- Walk through the property as if you’d be renting it. Ensure that everything is in working condition, that locks are secure and that the property is clean.
We love helping first time landlords navigate these new waters. And we can help with the long term maintenance of the property once a tenant is in place. The goal is to have happy tenants who pay higher rents and stay longer, reducing your turnover fees.
Do you know someone who is planning to rent their home and needs my help? Have them get in touch – property@shpmnj.com
