Got a rental property? Not sure what to do next? Should you sell, or hold? What’s the best plan; manage it yourself, or hire a professional property manager? What else will I need to know about? Think of all the things you you will need to become an expert in- leases and legal stuff and what about the perils you hear? Don’t panic, you are not alone. Help is at hand.

Many markets, such as Tampa, Orlando and Miami are finding a surge in demand, and in the supply of rental homes. Indeed, this can be a great time to rent a house. How can you decide what to do? If the house is in fairly good repair, the rent will cover any remaining mortgage, taxes, and other ongoing expenses, and the house is in an area where people will want to live, then renting can be a great idea. If the property needs a good amount more work than you will want to pay for, or it is compromised in any other way, selling now may be the best way forward. There are plenty of things to consider.

As a landlord, there are responsibilities to consider, to yourself, and to your tenants. Each state has it’s own laws and rules to be followed, and it is highly recommended that you familiarize yourself with those laws BEFORE proceeding; not that they are impossible, just that they are enforceable, so being aware is critical. A Google search of “landlord tenant law (and add your state)” will get you started.

Know going in, that there will be inevitable issues that will need to be addressed, and allow for that in your budget. When calculating your finances, you will need to be advertising the rental, then you will be selecting tenants and, later, evicting them if needed, all of which are governed by the Landlord/Tenant laws. You will need to provide a home that is safe, and functional, dealing with issues BEFORE it’s occupied is always far easier, so that slow draining tub, loose tile, or light switch that sparks must be addressed.

If you are still on board, then you could be ready to move forwards. If you would prefer to avoid dealing with these issues yourself, then having a professional property manager is a great way to go.

Deciding whether to rent your house yourself is a multi-step process. Margaret Allen Jackson has been renting houses for more than 8 years. For additional resources, and a place to list your house 4 rent at no cost to you (for a limited time) visit houses 4 rent – post your home 4 rent here. Read more at houses 4 rent.. Free reprint available from: House 4 Rent- things to consider Mr Landlord.

Tags: advertise rental, Entrepreneur, florida, house 4 rent, house for rent, houses 4 rent, Landlord, Miami, Moving House, real estate, Relocating, rental home, rental house, rentals, tampa

This entry was posted on June 16, 2011 at 9:07 am. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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