It's estimated that there are nearly 20 million rental properties in the United States. Now most people typically have the intention of becoming a landlord when they invest in a property. However, that's not always the case.
Some individuals might inherit a rental property, or otherwise acquire one when they had no initial intention of being a landlord. However, if they decide to continue renting out the property, then they become accidental landlords.
If you're an accidental landlord in Harrisburg, you're likely feeling overwhelmed by your new responsibilities. Luckily, in this beginner landlord guide, we'll cover some essential landlord tips in Harrisburg to make sure that your first rental property experience is a success.
Do Your Research
As a new landlord, you need to know that both you and your tenants have rights. As such, you should be looking at state laws and local ones specific to Harrisburg.
This will help you learn about restrictions surrounding application fees, rent control, and HOA rules. More importantly, it will help you create an ironclad rental agreement.
We always recommend getting a lawyer to read through or help draft your rental contract. That way, you're sure that it provides as many protections as possible.
Screen Tenants
One classic accidental landlord mistake is renting to the first person who applies to your property. It doesn't matter how much you like the potential renter personally. You need to make sure they can afford the property.
After all, eviction filings are up 50% and the last thing you want is for your first rental experience to get bogged down by an eviction.
So make sure you're performing a basic background check to confirm things like their credit score, employment, income, and criminal background.
Get a Security Deposit
A security deposit is essential for acting as a buffer against potential tenant damage or missed rent. Generally, your security deposit should be the equivalent of one month's rent.
However, if you're renting to low-credit individuals you might want to require two months rent for the security deposit just in case.
Consider a Property Management Company
Many accidental landlords think they can handle property management only to get overwhelmed by all the responsibilities. On top of being on call for any problem or emergency, you also need to worry about things like marketing, maintenance, accounting, and more.
If you need help, don't be afraid to reach out to a Harrisburg property management company.
In exchange for a small percentage of your monthly rental income, these property management solutions handle all of the busy work. That way, you can sit back and enjoy the passive income from your rental property.
Accidental Landlords Should Contact Harrisburg's Property Management
We hope this guide helped accidental landlords learn some valuable Harrisburg rental advice.
Here at Harrisburg's Property Management, we know that the weight of accidental landlord responsibilities can often hit an individual in the middle of a rental contract. That's why we're here to help.
We use our extensive experience to manage every aspect of your rental property. That way, you get a passive income without the daily work. So get in touch with us and start relieving landlord stress today.
