It's estimated that there are nearly twenty million rental properties in the United States. If you recently purchased one of these properties you're likely eager to find tenants and start renting.
However, it's important to take things slow and do your research. That way you can learn the basics of what's involved when you rent. This will help any new real estate investor avoid breaking tenant laws or finding a bad tenant who needs to be evicted.
That's why we made this guide. In it, we'll break down some tips for new landlords in Sugar Hill, GA. That way, you can start turning a profit on your new property as soon as possible.
Find Tenants
It's time to find tenants. To do this you will first need to engage in property marketing. However, it's important to not just provide the lease to the first person who shows up.
If you do this, you could get a problem tenant who won't pay rent or cause damage to the property. Then you'll need to go through an extensive and costly eviction.
Instead, make sure you should establish a tenant screening process. In addition to a background check, you should also verify their employment, income, and identity.
Make Sure It's Ready for Renters
Before you can start renting to tenants you need to make sure that your property is safe and functional. For starters, that involves checking all of the plumbing, electrical systems, and appliances to make sure they're operational.
However, you also want to make sure that you're following all of the landlord laws in the state where you reside. For example, here in Georgia, you can find those laws in this handbook. This is vital because it can help you avoid fines and potential legal problems.
Consider a Property Management Company
Many people think that being a landlord is passive income. However, the reality is that it can sometimes feel like a full-time job. Between accounting, finding tenants, dealing with repairs, and property maintenance it can end up eating a lot of your time.
As such, we recommend hiring a property management service like PMI Northeast Atlanta. We can take a lot of the busy work off your plate which will allow you to focus on your investments.
Expand
Once you get a property management company on your side, it will free up a lot of your time. You can use it to expand your real estate investment. Always be on the lookout for new property deals because you never know when a good one will hit the market which will allow you to expand your rental income.
Need Help As a Real Estate Investor? Contact PMI Northeast Atlanta
We hope this guide helped you learn more about what to do after buying your first rental property in Sugar Hill, GA. Here at PMI Northeast Atlanta, we're passionate about making life as easy as possible for a new real estate investor.
That's why we handle all of the busy work associated with your new rental property. That way, you can focus on finding your next big deal. So if you're ready for the property management help you need, get in touch with us today.
