What to Know About Being a Landlord

Investing in Real Estate Series — Week 2

Ever thought about diving into the world of investment properties? You’re in the right place! This series is your go-to guide for everything you need to know about real estate investing, from boosting your finances with rentals to mastering the landlord life.

Last week, we covered Buying a Rental Property 101. Now, let’s talk about what it takes to be a landlord. And, let’s keep it local—because who knows Northern Colorado better than us?

You’re a Landlord. Now What?

Congrats on your new investment! Here’s the scoop on your new gig:

1. Property Management Company – Yes or No?
   • Far, Far Away: Not living near your rental or travel often? A management company is your BFF.
   • Low Tolerance for Tenant Drama: If late-night calls about clogged toilets aren’t your thing, let the pros handle it.
   • Screening Tenants: It’s time-consuming and tricky. Companies are pros at this.
   • Affordability: Can you swing the 10-12% fee? If yes, it’s worth the peace of mind.
   • Maintenance: Not a DIYer? Companies can handle repairs with reliable contractors.
   • Tenant Laws: Keep up with laws and avoid lawsuits. Companies have you covered.
   • Evictions: Don’t like confrontations? Let the experts deal with it.
   • Control: Comfortable with a hands-off approach? Then, a company might be for you.

If you’re leaning towards a property management company, hit me up! I’ve got some stellar recommendations.

Going Solo: The Hands-On Landlord

Prefer to be in the driver’s seat? Here’s your roadmap:

1. Set the Rent: Let’s chat about competitive pricing in Northern Colorado.
2. Bank Accounts: Open separate accounts for rent and maintenance. Trust me; it’s easier.
3. Tenant Rules: Create clear, written policies. It’s all about setting expectations.
4. Rental Applications: Find templates online or ask me for one.
5. Property Prep: Make your home appealing but don’t go overboard with upgrades.
6. Safety First: Install smoke detectors, fire extinguishers, and ensure everything’s up to code.
7. Legal Know-How: Brush up on local tenant laws. A real estate attorney can be a lifesaver.
8. HOA Rules: Check for any rental restrictions if you’re in an HOA.
9. Insurance: Get the right coverage. Think beyond homeowners to liability insurance.

Tenant Time!

Here’s how to attract and manage tenants:

1. Advertise Wisely: Use reputable sites and social media. I can help with marketing tips.
2. Screen Thoroughly: Run credit and background checks. Ask for references.
3. Get the Money Upfront: First month’s rent and security deposit are musts.
4. Sign the Lease: Use a solid template and include important clauses. I can provide one.
5. Walk-Through: Document the property’s condition before they move in.

Ready to Dive In?

Being a landlord isn’t just about collecting rent. It’s about smart management and strategic planning. If you’re thinking about buying a rental property or need guidance on being a landlord, reach out. I’m here to help you every step of the way.

Next week, we’ll explore Buying a property to fix or flip. Stay tuned for tips on managing your property and ensuring a smooth landlord experience.

Happy Renting!

Lauren,

 Your Go-To Resource for All Things Real Estate