So you've just become a new landlord? Congrats! Now you get to help people find a place to live and put some change into your own pockets as well.
The only problem is that you never wanted to be one!
It's not every day that accidental landlords happen to show up. However, no matter how you happened to become one, you now have the chance to take your situation and use it to your advantage. But first, you need to understand your situation so that you can learn how to profit off of it.
So, what is an accidental landlord? And what can you do with your new property investment? This article has the answers that you're looking for, so keep reading to find out more!
What Are Accidental Landlords?
Well, simply put, accidental landlords are people who become landlords completely by accident! Whereas professional landlords go into the industry knowing what they're getting into, an accidental landlord just happens to find their way into the rental business.
While this may sound like something that normally wouldn't make much sense, there are a few reasons this would happen, including:
- Acquiring a rental property through inheritance,
- Letting a property made sense if it was difficult to sell, or
- You unintentionally acquired the additional property by moving in with someone else.
Tips for an Accidental Landlord
Luckily, you can definitely take advantage of this situation — provided you take a smart approach. Here are a few things you need to do as a new landlord.
- Inform your Lender: If your property still has a mortgage on it, you're going to want to inform your mortgage lender about wanting to rent it out. This will allow them the chance to grant you a Consent to Let form
- Get Landlord's Insurance: You want to make certain one of your first moves is to get landlord insurance on the rental property. As this property is essentially a business asset, you'll want to make sure it's covered with the proper insurance for your needs.
- Conduct Maintenance on the Property: Before a tenant can move in, you'll have to make sure that everything is in working order on the property. This includes checking all gas and electrical appliances, as well as making sure the piping is okay and fire safety standards are in check.
Let Us Take Care Of Your Property
Now that you know the ins and outs of what accidental landlords are, you can better handle your new situation and look after your property's needs. That said, this is still new territory for you. Why not have us help you take care of your rental estate?
At Home River Group, we know all about managing rental properties in the Dallas area. We can use our expertise to make sure you get the care that both you and your property deserve, and we do it for a price that will fit your budget.
When you're ready to get started, feel free to learn more by checking out our website. Or, you can contact us whenever you want professional management. We look forward to helping you with your needs!