Tips For Accidental Landlords

jeremy raglin Portland Rental News and Tips April 19, 2022 | 0

Did you recently inherit a rental property from a family member? If so, you’re not alone, and if you were not prepared for it, you offically fall into the category of an accidental landlord.

As the Baby Boomer population ages, more and more people are becoming accidental landlords because rental properties are being passed down to the next generation, and most people who find out that they’ve inherited a rental don’t know what to do with those properties.

In this article, we will share with you several useful tips for navigating the road ahead as an accidental landlord.

Tip #1 – Contact The Lender

If the rental property currently has a mortgage, and it’s still rented out, you should first contact the lender and obtain a Consent to Let. This document informs the mortgage lender that you plan on renting the property and ensures that everything is done legally.

Tip #2 – Contact The Renter

After contacting the lender, it’s best to contact the renter and inform them that you are their new landlord.

During this first conversation, you should take the time to learn more about the tenant and find out if there’s any work that needs to be performed at the property that may be long overdue.

Besides having a basic conversation, you should also clarify with your tenant when rent is due and how it is supposed to be paid. Doing this now will eliminate any miscommunication about rent and ensure that it’s always paid on time.

Tip #3 – Get Landlords Insurance

The most important part of becoming a new landlord is obtaining landlords insurance. It’s essential because it ensures that your best interests are protected should something happen at the rental property.

Tip #4 – Get The Property Inspected

Last of all, but most important, you should hire a property inspector to review the condition of the rental property from the top, to the bottom. This will help you to know what needs to be done at the rental property and remove any mystery regarding the maintenance that the property needs.