Getting involved in property can seem like a clear and logical course of action for anyone interested in a secondary revenue stream. Who would say no to that!
Yet the process and stress of getting a second mortgage and the financial requirements of having an investment property can seem far away for many of us. But is that the case?
Life can take many turns and the chances of you becoming a landlord by "accident" may be higher than you think. When you know more about them, you may see that it may happen to you easier than you think.
To find out what accidental landlords are, what challenges they face, and what you should do if you become one, keep on reading.
What Are Accidental Landlords?
While the idea of managing a property is something that many do objectively for investment purposes many fall into it. These are called accidental landlords.
While many different types of landlords are accidental, they are all united in that managing the property is an additional factor in their lives and not their job.
A typical way one can become an accidental landlord is through inheriting a property. If you have already your own, the logical step would be to rent it out. Another reason can be moving due to work, and wanting to keep the home you already own. You could also be seeking to sell your property and due to a slow housing market decide to rent it out until the property market picks up again.
Whatever the reason accidental landlords have a very specific set of challenges that can greatly affect them and their tenants.
What Are the Challenges for Accidental Landlords?
As highlighted earlier, becoming a landlord in this fashion is rarely a decision that is years in the making. That often leaves accidental landlords in the position of needing instant answers to unexpected questions.
The first can be how to find a good tenant.
Housing professionals are acutely aware of how important it is to vet potential problem tenants and value good ones, yet accidental landlords may miss vital telltale signals. This where a good property management company that is up to speed with the latest screening processes is like gold dust.
Another can be if the property is far from being turnkey. There may be renovation, reconstruction, or general maintenance costs to consider.
In this case, it is wise to assess what is the most beneficial course of action could be for you. If the home is in a coveted part of town and of reasonable size could you convert it into rooms? Or maybe the property requires a modern facelift to entice potential tenants.
Lastly, and perhaps most frustrating for tenants, accidental landlords have to suddenly maintain and manage any tenancy issues for their tenants whilst being busy in full-time employment. Burst pipes, ants, and common wear and tear all need to be attended to and often asap.
For accidental landlords, this can be a difficult task to juggle but managing an accidental landlord can be a challenge for tenants too. If they are unresponsive, slow to handle repairs, or not aware of tenant rights, then it can be a nightmare for both parties involved.
The Best Solution Accidental Landlords Can Find
Becoming an accidental landlord can change your life. The good news is that is often for the better. Yet the key to that is good management from the beginning and right through the entire process.
That is where we step in. With years of experience in helping accidental landlords to manage their properties in Tampa, you can be confident that with the Home River Group you are leaving your home with the experts.
If you want to enjoy the benefits of turning your property into an investment as well as avoiding all the stress, reach out to us for a conversation today.
