California has nearly 6 million households that rent. Many of those households rent from bigger California landlords, people, or companies who own lots of different properties.
But, have you heard about accidental landlords?
If you've become an accidental landlord in Merced, CA after a rental property inheritance, there are a few things you should get on top of to make sure you're prepared for being a landlord. Let's go through the top things you need to know about if you end up in this situation.
Review Local Landlord-Tenant Laws
You'll need to understand the laws that govern landlord-tenant relationships in your area. This will help you avoid any law-related problems and understand your responsibilities as a landlord. You can talk to an attorney who practices real estate law in your area or do your own research online.
You should also research local laws. Check with the Merced County Clerk-Recorder's Office or the Merced City Hall to obtain information about the landlord-tenant laws in the area.
As a landlord, you have certain legal requirements, such as providing a habitable living space, maintaining the property, and respecting the privacy of your tenants. Make sure you understand what's required of you.
Assess Your Property’s Rental Value
You'll want to determine how much rent you can charge for your property.
Look for similar properties in your area that are currently on the rental market. Check the rental rates and compare them to your property. This will help you understand what other landlords are charging for similar properties.
Check online rental websites like Zillow, Trulia, or Redfin to see what similar properties are being rented for in your area. This will give you some idea of the market rate for your property.
Make sure you consider your property's condition. If your property is in excellent condition, you can charge more for rent. On the other hand, if your property needs repairs or updates, you may need to charge less.
Make Any Necessary Repairs or Upgrades
Before renting out your property, you'll want to make sure it's in good condition. This may involve making repairs, cleaning, painting, or upgrading features like appliances or flooring.
Address any issues that impact the functionality of the property. For example, fix any leaks, replace broken appliances or fixtures, and repair any damage caused by previous tenants.
Screen Potential Tenants
It's important to screen potential tenants to ensure they're reliable and can afford to pay rent on time. You can use online tools to run credit and background checks or work with a property management company to handle the screening process.
Create a Lease Agreement
Once you've found a tenant, you'll need to draw up a lease agreement that goes through the tenancy terms, including rent payment, security deposit, and rules for the property.
You can use a template or consult with a real estate attorney to create a legally binding agreement.
Consider Hiring a Property Management Company
If you don't have the skills to manage your own property, you may want to consider hiring a property management company. They can handle everything, including things like rent collection, and can help ensure your property is well-maintained and profitable.
Becoming Accidental Landlords in Mercer: Start Today
You might feel overwhelmed by joining the ranks of accidental landlords, but with these tips, you can successfully manage your property, and maximize your rental income.
Are you looking for property management help in the Merced area? Contact Chosen Property Management today.
