Despite individual investors owning more than 14.3 million properties in the United States, not all of them were prepared for the task. Many people become accidental landlords in Las Vegas and around the country.
An accidental landlord is a person who has become a landlord quickly. It may happen when someone has an unexpected loss in the family or when they relocate for a job and decide to hold onto a currently owned property.
If you've become a landlord suddenly, there are some strategies and key considerations to keep in mind. Here are 3 simple tips that you should follow as an accidental landlord in Las Vegas, NV.
1. Check Lease Agreements
As an accidental landlord, make sure that you review the lease that you have with a tenant. There are a lot of important details to look over in a lease, so you need to know what the details are.
If necessary, create a new agreement to ensure that all of the essentials are outlined in the lease agreement. Setting lease terms can help to protect you and your tenant and can ensure that both of you are on the same page regarding rent requirements, late penalties, and other important aspects of your relationship.
Be serious about sticking to the lease agreement, and ensure that you're clear with them about your expectations. This will help you to have a stress-free time managing your rental.
2. Get Landlord's Insurance
One of the essential things that you need to do if you're an accidental landlord is to get insurance coverage. It's important to have an insurance policy for your rental. Doing so will help cover any damage that occurs and can help keep you protected.
You'll likely need to convert your homeowner's policy to a landlord's insurance policy instead or you may need to get a new policy. In addition to this, be sure that you are tenant has renters insurance as well.
3. Closely Monitor Finances
As a new landlord, be sure to treat your rental property as a business. Managing a rental property well requires you to understand the financials involved and get a clear picture of your expenses and revenue. You should also understand your tax obligations and be sure that you pay any property taxes that you owe each year.
It's a good idea to use accounting software to track what's happening in your business each month and year. A property manager can also help you track the financial side of your business as well.
Following These Tips for Accidental Landlords
Accidental landlords sometimes have a challenging time stepping into their new roles. However, by checking the lease agreement, getting landlord's insurance, and paying attention to finances, you'll be able to manage your rental property well.
PMI Vegas Properties offers professional property management and real estate brokerage services to Las Vegas. As part of a larger franchise that has perfected the property management industry for the last 20 years, we have the experience needed to help you succeed.
Ready to learn more? Contact us today to learn more about how we can help Las Vegas landlords with property management.