Life is full of unexpected twists and turns. At any point, we could lose a loved one, get in an accident, or win the lottery. But what happens if you become an accidental landlord in Washington DC?
It could be because a loved one passed and left it to you. Or maybe you tried to sell your home but could only find someone willing to rent it?
Regardless, accidental landlords often find themselves overwhelmed with all their new responsibilities. If you're struggling to keep your head above water, don't worry. We're here to provide a little guidance on how to handle your rental property.
Keep reading for our essential accidental landlord tips for Washington DC property owners.
Assess Your Finances
First and foremost, you need to take a look at your financial situation to determine if you can even afford to keep the property. If the property isn't paid off, will you be able to make the mortgage payments? Renting the property out will help, but it may take time to find tenants.
Sit down with a financial consultant if necessary to identify your limitations. They should be able to provide valuable insight to help you move forward without putting your financial security at risk. If you decide to sell the property, you should seek the help of a real estate agent.
Hire a Property Management Company
Property management is one of the biggest hurdles accidental landlords face. Even if you are able to find tenants, what do you do about rental agreements, property maintenance, and rent collection? What are your duties and responsibilities as a landlord?
You should sit down with a real estate attorney for a free consultation to learn more about the legalities of property ownership. However, it's also a good idea to hire a property management company.
They can provide vital property management services to help you manage your tenants, maintain the property, and get paid. This is especially important if you maintain a full-time job and don't have time to manage the property yourself.
Learn How to Market Your Vacant Property to Tenants
Once you get everything in order, you're ready to turn your surprise property investment into a stream of passive income. This is one of the most gratifying (and relieving) steps for accidental landlords. But first, you must learn how to market your available property.
If you have a property management company, they can handle this for you. However, there's nothing wrong with using additional means to get the word out. We recommend using social media, newspaper listings, and on-site signage to drive tenants to your property.
Looking for More Help for Accidental Landlords in Washington DC?
We hope this accidental landlords guide helped reduce some of your stress. Simply knowing how to move forward can be enough to see the positive aspect of a situation.
Look through the rest of our blog to find more articles that can help you manage your property. Though you may not have meant to become a landlord, you can still benefit from the property.
And if you need hands-on assistance, we're here for you. Contact us today to learn how we can help carry this burden. We would love to turn this surprise ownership into something that will benefit you for years to come.