You've just inherited your aunt's quirky old Victorian, or maybe you couldn't sell your starter home in this wild market. Surprise! You're now an accidental landlord. Don't panic - you've just joined an exclusive club of property owners who stumbled into the landlord life.
Whether you're feeling like a fish out of water or a reluctant real estate mogul, we've got your back. Let's go through the top tips Jacksonville accidental landlords need today.
Screen Your Tenants
Establish a clear set of criteria to evaluate potential tenants, including factors like:
- Income
- Credit history
- Rental history
- References
Verify their employment and contact previous landlords to understand how tenants have treated past rental properties. But, make sure your process is in line with Florida fair housing laws.
Hire Property Managers
For many accidental landlords, managing a rental property can be time-consuming and stressful, especially if it's not something you planned for.
Property managers take care of essential tasks such as:
- Tenant screening
- Rent collection
- Maintenance coordination
- Handling legal issues like evictions
Allowing you to focus on other responsibilities. Property managers handle maintenance and repair requests, promptly addressing any issues.
Property managers are well-versed in Florida rental laws, ensuring your property stays compliant and protecting you from potential legal issues.
Rental Property Strategies: Keep Clear Records
One of the top pieces of first-time landlord advice to those new to the game is to keep clear and thorough accounting records. It lets you track income, expenses, maintenance costs, and tax deductions, providing a clear picture of your property's profitability.
You'll also simplify your bookkeeping, especially when tax season arrives. Many expenses related to your rental property may be deductible, such as repairs, maintenance, and even property management fees.
Organize all rental agreements, payment histories, and maintenance receipts in a system that's easy to access, whether digitally or in physical files.
Tracking rent payments, security deposits, and any late fees ensures you have documentation in case of disputes or legal action. Detailed maintenance records also prove that you've upheld your obligations as a landlord, which is critical in protecting yourself from claims of negligence.
Prepare For Vacancies
When a tenant moves out, the time it takes to find a new tenant can vary, potentially leaving you with no rental income for weeks or even months. Being prepared for this can help you weather the gap between tenants smoothly.
Have an emergency fund specifically for your Jacksonville rental property. This fund should cover mortgage payments, utilities, and other operating costs for at least a few months in case the property remains vacant longer than expected.
Be proactive in marketing your property as soon as you know a tenant is planning to move out. Listing your rental on popular online platforms, updating photos, and highlighting key features will help attract prospective tenants quickly.
Accidental Landlords in Jacksonville: Now You Know
There is so much that accidental landlords in Jacksonville need to keep track of. With this property investment advice guide, you should have an easier time.
Need more property management tips? It might be time to bring in local Florida experts. Green River Property Management has spent over 15 years providing customized support to our clients.
Get started with us today.
