Before you can fill your investment properties with tenants, there are a few things you want to make sure get completed. The real estate lawyer Las Vegas investors trust most has compiled a list of tips to help you prepare for your first tenants to move in:
- Buy insurance. Reach out to an insurance broker to get a landlord insurance policy to ensure you are protected from losses. Make sure the policy includes clauses about fire, vandalism, injuries, and losses suffered by the tenants or their visitors.
- Get the utilities in your name. Also make sure everything is turned on before you begin showing the unit. This will make it easier for you to rent out the unit. When the unit is rented, make sure the tenant puts any applicable utility services into his or her own name.
- Call the tax collector to make sure that the property tax and water bills are sent directly to your mailing address. You don’t want to accidentally miss a payment and have a lien placed on your property just because of misdirected or possibly discarded mail.
- Repair the property to make sure the unit is ready to be rented. Check on things such as the furnace and A/C to be sure everything is in working order. You don’t want to chance waiting until you get a disgruntled call from your tenant in the middle of the night.
- Buy major appliances such as a washer, dryer, and refrigerator if the unit does not have them already. It will be difficult to rent a property without them.
- Fill the oil tank, if necessary. Depending upon the state, your renters will expect a full tank of oil at the start of a lease.
- Connect with tenants. There is a chance that your new investment property already has tenants living inside. If this is the case, take the time to connect with the tenants. Make sure any applicable security deposit, lease agreements, and other rental documents are transferred to you. Also, your tenants will appreciate knowing who their new landlord is. Just remember that you cannot terminate a tenancy without following applicable state law. If the tenant is in good standing and the previous owner had no issues with them, it may be wise to allow them to stay. That way, you have rental income from day one covering your costs.
- Set up a system to keep track of your records. Create a system that will organize your available tax deductions, a running ledger of rents paid and owed, and tenant complaints. You’ll want to be sure that you have in order all documents related to owning and managing your property.
- Learn the landlord-tenant laws in your state pertaining to renting a property, picking your tenants, security deposits, and more. Whether you manage the property yourself or outsource the property management, you are still legally responsible for anything that goes wrong. Protect yourself by contacting a real estate attorney Las Vegas investors recommend for landlord-tenant protection.
- Rent your unit. You can do this on your own or with the help of a real estate agent or a property management firm. You can also manage tenant screening yourself if you would like. Should you decide to do this yourself, remember to allow adequate time to show the unit to potential tenants. Once you collect rental applications, you will have to run credit checks and collect deposits. If that is too time consuming, hire someone to help you in order to make sure you have a stream of rental income flowing as soon as possible. Have the trustworthy real estate lawyer Las Vegas relies upon to prepare a rental agreement for you.
Don’t approach the process of renting your investment properties without the help of an experienced lawyer. Schedule a consultation with the Marc Simon attorneys. For more information about the real estate lawyer Las Vegas trusts, contact 702.451.7077 or firstname.lastname@example.org.