Some people who are considering a property manager think, “What is the danger of renting and managing my own home?”
In this video, Matthew Whitaker will explore the three dangers you must consider before you rent and manage your own house.
What’s up, everybody? Matthew Whitaker here, I’m doing another “Questions Owners Ask.”
I’m in another hotel room doing it.
Today’s question is, “What is the biggest danger of renting and managing my own home?”
So, you know, if you’re a owner and you’re thinking, “Hey, I’m going to rent my house. What are some dangers I should look out for?”
#1 – Choosing the wrong tenant
I mean, this is where it kind of starts and ends. Choosing the wrong tenant can be really bad.
I really believe that tenants look and seek out kind of unprofessional landlords to rent from because they know that they don’t do background checks.
They know they don’t know what to look for. They know they don’t look at their credit. So, I’d be really careful about that and make sure that I’m screening the tenant and make sure that I know that I’m putting a good tenant in my house.
#2 – State specific tenant and landlord laws
So, each state typically has a uniform residential landlord-tenant law.
And it basically governs how your relationship with tenant goes. So, just because you don’t know the law exists or you don’t know there’s a law does not mean you’re not responsible for following it.
I would make sure that I got a copy of that and make sure I read that all the way through.
#3 – Quality maintenance vendors
So, we find that tenants typically leave when maintenance work orders aren’t handled quickly.
And so, a lot of times if you only have one or two houses, you don’t have the leverage that we have with most maintenance vendors.
We actually own our own maintenance company, so in most cases, we have all the leverage.
You need to watch out for that if you only have one or two tenant repairs. These repairs not getting done will typically leave a tenant frustrated and give you a lot of turnover.
So, that’s it. That’s “Questions Owners Ask.” I hope it was helpful. I’m Matthew Whitaker with gkhouses.