What First Time Cypress Rental Property Landlords Should Know
Once you’ve decided to invest in a Cypress rental property, there are important things you should know to avoid making costly mistakes. What first time Cypress Rental Property Landlords should know about owning a Cypress Rental Property and trying to be a DIY landlord.
The Do’s of Being a Cypress Rental Property Landlord
Keep your Cypress rental property insured – In order to protect your home against all sorts of events, you want to be fully insured. Also, make it a requirement that all tenants have renters insurance.
Have rental application and lease agreement in writing- To avoid getting into trouble with tenants, you need to have to prepare a lease agreement. You should also formalize the rental application process so as to check the potential tenant’s history, credit score, and other details.
Prepare a move-in checklist-When your tenant is ready to move into your Cypress rental property, give them a checklist where they can write anything they don’t want to be charged for later such as marks on the floor or small cracks on the wall.
Have a good Cypress property management company in mind if you feel you are in over your head. Having a Cypress property management company in mind to manage the rental property on your behalf if you can afford it, as back up. A Cypress property manager will handle problems, conduct regular inspection and maintenance as well ensuring that tenants comply with the landlord’s legal obligations.
The Don’t s
Don’t discriminate – If you want to avoid being sued, do not discriminate those who rent your property based on race, color religion, sex, national origin, family status, and disability.
Don’t misuse tenant’s security deposit- You may find yourself in a legal battle if you spend tenant’s security deposit now and can’t give it to your tenant later. They have a right to it as long as they have fulfilled all the terms of lease agreement.
Don’t lock out a tenant- if you have a difficult tenant, don’t take the matter into your own hands. Evict a tenant by following all the eviction rules to avoid lawsuits.
It’s always best to hire a Cypress Property Management Company however if you feel you can try it yourself, do it. But consider using Real Property Management Houston to back you up if you need to pass the baton.