Do you have a house you want to rent? Hiring a property manager can reduce a significant amount of your profit. If you don’t mind taking on a little extra work, you can manage it yourself and keep the extra income. Below we share how you can make money renting out a property.
How to Rent Your House Without an Agent
The key to becoming your own property manager is to avoid costly mistakes. Nolo has put together a “how-to” guide for the first time landlord that will help you rent out your investment property without making those mistakes.
After going through all the work to manage your own rental property, the last thing you want is to lose money, right?
First of all, this guidebook informs you of the legal obligations you need to know about. For example, some neighborhoods don’t allow for short-term vacation rentals.
Second, you learn how to estimate costs up front. Therefore, they don’t dig into your profits too much later.
Charging too little rent can end up turning your income producer into a money pit. Plus, making simple fixes or adjustments to your rental ahead of renting can help you fill a vacancy quickly (and sometimes for a higher rent!)
How to Rent Your House Fast
Third, you’ll find out how to select good tenants and avoid ones that can cause you problems. Difficult tenants can cost you time, not to mention money. Plus, they can devalue your property and cause maintenance issues.
Know what questions to ask beforehand to get you the information you need. Also see How to Screen Tenants.
Fourth, this handbook provides instructions on preparing and signing a lease. Don’t know anything about lease agreements? No problem!
Find out state laws, typical lease provisions and more. No one enjoys dealing with paperwork, but at least you won’t have to worry about the legalese. More information: how to make a lease agreement.
Cut Your Expenses on Renting Out a Property
Fifth, you can take valuable tax deductions on investment property. However, you can’t if you don’t know what they are. This book shows you where you can reduce taxes and save money. And what about paying tax? And how much tax?
Sixth, you’ll know how to handle property repairs and management tasks before they even come up. This book has 13 comprehensive chapters that will answer all of your questions and make it easier when renting out your property. Especially for the first time!
Renting Out Your House for the First Time:
Advice on Renting Out a Property
Renting property may seem overwhelming, but it doesn’t have to be. Find good tenants and keep your rental well-maintained, and you can have a great experience managing rental properties.