You find yourself standing in the midst of Orlando's eclectic neighborhoods, keys to a property in hand.
Perhaps life's twists and turns have led you here: unexpectedly owning a property you never envisioned renting out. Whether it be a sudden job relocation, an inherited home, or a shift in life circumstances, you've now entered the realm of accidental landlords-a journey rife with challenges and opportunities.
Luckily, we're here to help.
Let's go through our top tips for Orlando accidental landlords.
Know Landlord-Tenant Law
Familiarize yourself with Florida's fair housing laws that prohibit discrimination against tenants based on specific factors. Ensure that your tenant screening and rental practices are in compliance with these laws.
Respect your tenants' privacy rights. Give advance notice before entering the rental property for non-emergency reasons. Avoid entering the property without permission, except in cases of emergencies or when permitted by law.
A written lease agreement is important for outlining the terms of your rental arrangement. Make sure your lease agreement complies with Florida landlord-tenant law.
It should also include specifics like rent amount, lease duration, security deposit details, maintenance responsibilities, and eviction procedures.
Commit to Tenant Screening
Tenant screening is important for any Orlando landlord. With screening, you'll be more likely to find tenants who respect your property and renew their leases.
Require prospective applicants to complete a rental application that collects important information such as personal details, rental history, employment history, income verification, and references.
Obtain authorization from applicants to run credit checks to assess their financial responsibility and ability to pay rent on time. Look for red flags such as late payments, defaults, or outstanding debts.
Don't Forget Property Maintenance
Schedule ongoing inspections of your Orlando property to identify any maintenance issues before they escalate. Check for any signs of damage, leaks, plumbing issues, and structural issues.
Put together a maintenance schedule for routine things such as HVAC servicing, gutter cleaning, lawn care, and pest control. Following a regular maintenance schedule helps keep the property in good condition and prevents major issues from arising.
Set aside part of your Orlando rental income each month for maintenance expenses and unexpected repairs. Having a reserve fund helps cover the costs of routine maintenance and unforeseen emergencies without straining your finances.
Hire Some Help
You can always get extra help taking care of your Orlando properties. Think about hiring a local property management company to take over day-to-day tasks. These could include tenant screening, rent collection, maintenance coordination, and lease enforcement.
A property manager can take the stress off your shoulders and ensure that your property is well-managed.
Consult with an accountant or tax advisor who specializes in real estate to ensure that you're maximizing tax deductions and complying with tax laws related to rental income, expenses, and deductions.
A good accountant can help you understand tax issues and optimize your financial strategy as a landlord.
Orlando Accidental Landlords: Protect Yourself Today
There are so many ways accidental landlords in Orlando can improve their prospects.
Are you ready to hire a Florida property manager? PMI Property Solutions is part of a franchise that has been transforming this industry for two decades.
Contact us today.
