There are a few ways to become an accidental landlord in Brooksville, FL. Perhaps you need to relocate from your dream home for work reasons and don't want to sell it.
You might have inherited a property you have no use for or one that already has tenants in place. Whatever your reasons for embarking on this new adventure, you're bound to need some help at first.
These property management tips can help accidental landlords achieve the success they crave. Read our concise Florida landlord guide to find out more.
Learn About Local Legislation
Federal, state, and local laws create clear boundaries for landlord-tenant relationships. They help limit misunderstandings and ensure that both parties are treated fairly.
Knowing these laws and staying up-to-date with changes will help you operate your rental business legally and navigate the complicated eviction process, if necessary.
You don't need a license to rent out your home in Florida, but you must pay federal tax on your rental income. Other laws that apply to landlords include:
- The Fair Housing Act
- The Americans with Disabilities Act
- The Fair Credit Reporting Act
If you've inherited a property with tenants in place, go through the lease agreement with your lawyer to ensure it complies with all relevant laws and make adjustments if necessary.
Accidental Landlords Must Protect Their Investments
To profit as a landlord and avoid costly vacancies, you must ensure that your rental property retains its value and appeal. There are two key ways to do this:
Screen Your Tenants
Bad tenants can seriously hamper your aspirations as a property investor. They pay their rent late, if at all, and many also cause significant damage to your property.
Tenant screening is your best defense against these individuals. You must check all the information provided on a rental application to ensure your new tenants don't let you down.
Most background checks include:
- Identity verification
- Confirmation of employment
- Credit checks
- Rental references
Carry Out Maintenance Coordination
All homes undergo regular wear and tear when you have tenants in residence, but they also require ongoing maintenance to maintain their value.
By staying up-to-date with things like roof inspections and HVAC servicing, you can avoid costly repairs and replacements. Property inspections are also important to check on any repair issues, like small leaks, that can quickly become major problems.
It's your tenant's responsibility to let you know about any repair problems with your property, but you must take care of these issues promptly to prevent further damage and keep your tenants happy.
In some cases, you can make arrangements for your tenants to take care of small maintenance tasks, like changing HVAC filters or lawn care, provided this is stated in the lease agreement.
Hire a Property Manager in Brooksville, FL
Property managers have all the necessary skills and experience to manage rental homes efficiently and cost-effectively, making them an important ally for accidental landlords.
PMI Adventure Coast is a top choice for both accidental landlords and experienced property investors. We are an experienced local team that uses state-of-the-art technology to deliver prompt and effective around-the-clock services for landlords and tenants.
Browse our blog for more Brooksville landlord advice, and talk to us about how we can help you achieve rental property success in Brooksville, FL.