Davidson Realty, Inc.

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.

3. If you are going to allow pets, have incorporated in the lease a “pet agreement”. This states exactly what the pet is, what breed, how many pounds, even their name. Obtain a picture of the pet for your file, and then you know it is a 15 pound dog, not a 50 pound dog that’s going to be living in your property. Meet the pet, first.

These are just a few things throughout the lease that you need to have in writing to protect yourself as the owner. Remember, do your homework on the prospective tenant, do your inspections once they’ve moved in (Davidson Property Management does 3 inspections during a 12 month lease, which the tenant also signs off on – we take pictures each time, plus driving by the property every 30 days).

If you have any questions feel free to call me at (904) 484-2170 or email me at eevans@davidsonpropertymanagement.com

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