Davidson Realty, Inc.

Top 10 Concerns When Renting Your Property

March 28, 2011

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Posted by in Rentals

Managing rental property is easy, even I can do it! Or can you? Legally you as an owner can manage your own rental property and save the management fees, but is this the best decision? Here are the top 10 concerns or situations to think about.

1. Who will prepare the lease? An attorney may charge you $100 or more to prepare it. You, of course, can use the services of a Property Management Company to secure a tenant for you. They will do this for a fee, which will include the lease.

2. If you do not use a Property Management Company to get the tenant then how will you “check them out?”

3. In the event the tenants don’t pay the rent on time or at all, can you “chase” them for it? Do you know the procedures and the Florida Laws for eviction?

4. If the rent is late you will be the one to confront the tenants for the late fees.

5. If you are managing the property, the tenant has access to you 24/7. Do you want to be contacted at all hours for even the most minor repairs?

6. What happens when a repair is really needed? Do you have a list of craftsman that you have investigated as to their competency, response time and fairness of fees? Read more

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3 Tips to Protect Yourself When Renting Your Property

July 30, 2010

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Posted by in Rentals

What a wonderful time to buy real estate as an investment property! Just take a look around at the properties available right now AND their prices. Not only that, but the rental market is absolutely fantastic and it continues to get better and better! Four to five months ago the inventory for rentals was through the roof, you couldn’t even turn around without bumping into a “For Rent” sign. Now it’s the opposite, inventory is very low, especially for single family homes; condos have also started to rent much quicker. I recently had a property placed in MLS at 2 PM and it was rented by 9 PM THAT night! For an investor in real estate property I don’t believe the time can get any better than this to buy and rent out your investment property or to rent your home if it’s not selling. Here are 3 tips for someone renting their home:

1. I highly recommend using a property management company to manage your property with the tenant. But, in any event, KNOW what your lease says. Florida is a Landlord State, which means the laws of the state of Florida are there for protection of the owner/landlord. This makes Florida, in my opinion, one of the best states possible to own an investment/rental property.

2. Make sure there’s a paragraph on “Use of Premises” in your lease. This paragraph states what the tenant can and cannot do while living in your property (i.e. no trampolines, athletic equipment, etc.) It disallows any items or activities that can cause interference with the insurance coverage. Tenants cannot run a business, daycare center, etc. out of the property. Read more

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