First Time Renting a Home -What every new landlord should know

Welp, my husband I decided to take the plunge and this is our first time renting a home. It’s been terrifying and stressful to say the least.

However, it’s also been super exciting to start our dream of investing in rental properties.

As a home owner, I wanted to make sure that we were doing the right thing. Especially with the economy, living in another recession, is our townhome in a good area to rent? How can I be certain we’re doing the right thing? So many questions to consider.

So what do renters look for in a home?

Renters typically look for a home that fits their budget, is in a safe area, is close to amenities such as grocery stores and other shopping, is located near public transportation, and offers adequate living space. They may also look for features such as a balcony, parking, storage, and other amenities. Additionally, renters may also be looking for a home with good soundproofing, natural lighting, and updated appliances.

Luckily for us, our home is in a newly developed area, super close to the interstate/freeway, in the middle of two major cities, etc. Our townhome features a balcony, fireplace, storage, garage, natural lighting, amazing soundproofing, and we’re including washer/dryer/fridge and all major updated appliances. I think we made the right choice there.

First time renting a home as a landlord? This blog post will help you prepare.

If this is your first time renting a home, here are three important things you should know:

1. Understand your local landlord-tenant laws. Every state has different laws regarding landlord-tenant rights and responsibilities. It’s important to familiarize yourself with the laws in your area.
2. Prepare for unexpected costs. It’s important to set up an emergency fund for unexpected costs like repairs and maintenance.
   • My husband and I made the decision to not even touch our rental property money. We would store any excess cash into savings until we reached about $10,000. Why? If there were ANY repairs, we would be prepared.
3. Have a plan for tenant screening. As a landlord, you must vet potential tenants carefully to make sure they are a good fit for your property. Create a list of criteria to use during your screening process.
   • My husband and I created a Google Form that we called ‘Potential Tenant Questionnaire.’ We asked potential tenants to fill that out before showing them our home.

Do you feel like I missed something? Let me know! Overall, congrats! If you’ve decided to become a landlord too, we’re in this together. You’ve got this.