Renting to Tenants can be a great way to make some income on the side and is a great addition to your investment portfolio. However, it isn’t always super easy to find the right tenants for your space. You don’t want to put yourself in a position where you might be harmed financially by your tenants. Here are a few ways to keep yourself safe when renting to tenants.
How to Keep Yourself Safe When Renting to Tenants: Insure Your Properties
First of all, it is important to get insurance for your rental properties. When your properties are insured, it will keep you from having to pay for damage and issues 100% out of pocket. Your insurance will protect you financially by helping you to pay for these issues. Rental property insurance can also give you liability coverage which will protect you from being sued if your renter gets injured while on your property. Rental property insurance is well worth the cost and financial investment.
Screen Your Tenants
Next, you should screen all of your potential tenants before deciding on who will rent your property. Even if you’re anxious to have someone fill a vacancy, don’t be so desperate that you end up with a bad and inconsistent tenant. There are various things you should look for in your tenants’ screening. For example, you should run a credit check on all prospective tenants to avoid trouble. This will help you to ensure that they will have the finances required to pay rent every month.
How to Keep Yourself Safe When Renting to Tenants: Perform Regular Inspections
Lastly, make sure that you are performing regular inspections of your rental properties. This will help you to ensure that they are being cleaned and maintained properly. You should absolutely perform inspections after every tenant moves out of your property to see what repairs you’ll need to do before you let a new tenant move in. It can also be helpful to have routine inspections every month to make sure the property is taken care of. If you’re not around every month to perform those inspections yourself, you can hire a Residence Assistant or Manager to take care of it for you.
So, if you’re preparing to open up your rental properties for potential tenants, remember these tips written in this article. Make sure to insure your property, screen your tenants, and perform regular inspections to have the best possible outcome with your tenants. When you are involved in the tenancy process, you’ll have a much more successful and positive experience.
Check out this article on what to know before renting out your ADU!
Steelbridge Realty LLC is a Licensed Real Estate Brokerage that utilizes cutting-edge marketing techniques and data-driven Real Estate solutions in today’s ever-changing environment. Our group of professionals have decades of experience and have navigated through many business cycles. Our diverse background gives us the tools to guide people towards successful decisions.