Florida saw an estimated 329,717 new residents arrive between April 2020 and April 2021. Many of these new residents need a place to rent and becoming a landlord now could prove to be a lucrative opportunity.
That said, you might be wondering how to become a landlord in the first place. It’s not something to jump blindly into, after all. Here are our tips for new landlords.
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Understand the Fair Housing Laws
Florida residents are entitled by law to rent or buy a place to live without facing any discrimination related to race, national origin, color, handicap, sex, religion, or familial status. As such, it’s illegal to do any of the following:
- Falsely deny that housing is available for inspection, sale, or rent
- Refuse to sell or rent housing
- Put forth different conditions or terms
- Threaten, intimidate, or coerce individuals seeking fair housing rights
- Refuse to allow reasonable changes that would accommodate a disability
You can learn more about the law under Chapter 760 of the Florida Statutes and the federal and Florida Fair Housing Act.
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Consider Your Pet Policy
Many rentals don’t allow pets, as many landlords are worried about damage to the property. While this is a reasonable concern, there are both advantages and disadvantages to allowing pets in your rental property.
As a property owner, you need to consider whether it’s worth it to limit the pool of renters you have access to or not.
The additional rent is nice, and most pet owners are responsible enough to take care of their pets and their rental property. Asking for a pet deposit on top of additional pet rent can help to cover any damages such as stained carpets, scratched floors, and odors.
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Know How to Screen Tenants
Knowing how to screen tenants is a crucial step in becoming a landlord. You’ll need to know about their monthly income, so you can determine if they’ll be able to afford your rental.
You’ll also need to check their credit and criminal history. A good credit score can indicate a responsible tenant that pays their bills on time and is financially responsible. You also need to ensure a tenant is not a threat to you or other tenants.
This can be tricky, as there is a lot involved in the screening process, and you don’t want to discriminate unfairly. The best way to do so is to use a screening process and a management company.
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Know What You Want to Buy and Where
Understanding the market helps you get the most return on your investment. If you’re looking for a good property investment, you need to understand the neighborhood. While it might be tempting to buy a home with a lower price tag, if it’s in a declining area, you could end up losing money.
Consider what you want to buy and where. If you purchase a fixer-upper, are you really going to spend the time and money on repairing it? You have to make sure properties are up to code to avoid fines, so make sure you’re prepared for the hard work involved.
Becoming a Landlord Takes Preparation
These tips should help you on your journey to becoming a landlord. However, you shouldn’t stop here. There is a lot more involved in owning and managing a rental property.
If you’re looking for long-term property management, you can leave it to us at Florida Long Term Rentals. We provide experienced and reliable property management services to help you make the most of your investment. Send us a message to learn more and get started.
