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5 Tips for Brand New Landlords in Hayward

Deanna Hansen - Thursday, April 10, 2014

Today, we are sharing five tips for new landlords so you can be prepared for the problems that often come with property management.

  1. Educate yourself. Find out exactly what it takes to be a landlord. Especially important is the time commitment you’re going to have to make. Talk to two or three professional property managers so you have a good idea about what they do on a daily basis. This will help you determine whether you want to self-manage or hire a professional.
  2. Find a good all-around handyman. You want someone dependable and professional. There is nothing worse than hiring someone off the street because you think you’re getting a good deal. That person is probably not licensed or insured, and lots of self managers hire these types of workers and then they end up getting exactly what they pay for. Things will break or take longer and you’ll end up losing a tenant who is tired of making the same maintenance request and things not getting handled correctly. You’d rather avoid that. Test out any contractors you’re considering on your own home and get an idea of how they do. If you’re satisfied, send them over to your rental property.
  3. Purchase a good lease. A lot of leases are made up without protecting the landlord as much as they could. Remember that not all leases are created equal, and you don’t want to copy something that doesn’t include all of the necessary information. Use a lease that protects you and your property from all potential pitfalls and problems. You don’t want to face legal ramifications because your lease isn’t strong enough.
  4. Update your insurance coverage. When you become a landlord, it’s essential to have the right kind of coverage in place. There are a lot of differences between homeowners policies and landlord policies. You don’t want to leave yourself open to liability because you had the wrong insurance plan in place.
  5. Interview and hire a good tax accountant. It will help you to have someone who can provide financial advice when it comes to the best way to own property. There are lots of things you can do to maximize the tax benefits available on your real estate investment.
 5 Tips for Brand New Landlords in Hayward
Potential problems can be easily managed when you decide to use a professional Hayward property manager. Remember that you can hire a manager to do just some of the things that you’d rather leave to a professional. For instance, many property managers, such as ourselves, can provide lease up services only, when we put a good management contract in place and screen the tenants to get you on the path towards a successful landlord experience. If you have any questions about how to start being a landlord, contact us at Aapex Property Management.
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