The world’s easiest cash flow! A 10 Step Guide to Renting Out Your Condo.
Wether you are already leasing out your condo or perhaps you’re thinking about investing in a rental property and considering wether a condo is for you, or maybe you’re one of the lucky ones who can afford to keep your condo home while purchasing your next property - then here are 10 easy steps to ensure that your investment works for you, is easy to manage and fetches the highest possible rent from the best quality tenants.
Using our foolproof 10 Step Guide will help you generate extra cash flow that could go towards so many wonderful things (Think… tickets to Tahiti, that $200 bottle of champagne, hiring a cirque du solei performer for your birthday, surprise diamonds for the love-of-your-life, or a steady college fund for the growing teens.)
This will help you build a passive income stream that will put you on the path to true wealth building through real estate.
Here’s our 10 step guide:
1. Be A Detective – Find Your Condo Documents
Call your home owners association. Most condos allow rentals, however some do not. Some require board approval, or impose certain lease terms. Figure out all the rules and regulations by contacting your home owners association board.
2. Be Smart – Understand Your Market + Prepare Your Rental Lease ahead of time
You want to rent your condo fast – the best way to do this is to know the current market value and price it to match. HomeRentalsLA will provide a full market analysis for you and look at pricing of other condos in your area.
HomeRentalsLA will also provide you with all your lease listing paperwork early and upfront so that you can swot up, read it and understand all the boiler plate terms and conditions
3. Be Studious – Look Up Laws & Ordinances
Look up federal and state housing laws, for example the Americans with Disabilities Act, to make sure you’re not discriminatory. HomeRentalsLA can be a great resource for you so you know what to look out for
Get comfortable with local ordinances. Find your county administrator office, they can tell you if they regulate rentals.
Learn about local landlord / tenant laws so with what you have a current understanding of your rights and obligations.
4. Be Precautionary – Get Better Insurance
Mostly likely, your current insurance only covers owner-occupancy. You now need the special coverage found with a “dwelling policy”. Other considerations: insurance for loss of rent due to damage, or liability coverage if someone gets hurt on your property. HomeRentalsLA can refer you to some GREAT insurance brokers.
5. Be Thoughtful – Decide Who Will Manage the Property
Do you want the phone calls at 2am that the toilet broke? Or do you hire a property manager to oversee all maintenance on your behalf? Hiring someone will reduce your rental income, however it might save you time and energy. HomeRentalsLA can make some great recommendations for third party management companies, if that’s the direction you want to go
6. Be an Artist – Curate Your Condo
Best if your space is in tip-top shape so you get the most value out your condo. Think about hiring a home inspector to check the structure and systems of the unit. Do handy repairs: fresh paint, replace damaged paneling or flooring, do a deep clean, and change lightbulbs. HomeRentalsLA can make referrals to some great general contractors and licensed inspectors.
7. Be a Wizard – Find Tenants
Become a marketing wizard. Make your listing compelling with high quality, clutter free photos and concise descriptions. HomeRentalsLA will help you with all your marketing needs but you know your property best. Tell us what makes your property unique. Let’s build a great marketing story together.
Local newspapers, Craigslist, flyers are staples. Don’t underestimate social media ads through Facebook for a targeted reach. HomeRentalsLA will advise you on the best on-line marketing methods available and we’d love it if you wanted to promote your rental on your own social media feeds. The more people that see it the better, right! Marketing to your own sphere of influence will get tons of likes and tons of good will and support. This can make all the difference when you want to stand out in the crowd.
8. Be Selective – Screen your Tenants and Choose the Best Ones
HomeRentalsLA will provide full BackGround and Credit Checks on all tenants and we’ll also have them fill out a full application form detailing employment history, rental history and more. But you should also feel free to do more research for your own benefit and edification.
Interview your tenants in person – trust your gut and ask questions.
Use the data you’ve collected (background checks, etc.) and trust your intuition.
Once you’ve picked the fortunate humans who will live in your condo, set up a payment method (account transfers, PayPal, ACH/automated clearing house) to collect rent.
Review all your paperwork really thoroughly before signing.
Keep copies of all the paperwork in a safe place and put your tenants numbers in your cell phone so that you can contact them easily at a moments notice.
9. Be Frugal – Manage Your New Cash
Set up a business bank account for your new rental income. Track your rental income and all expenses. High quality, clear record keeping will make tax time easy.
Enjoy what it feels like to breathe a little easier, or feel more spontaneous with your new cash flow!
10. Be a CEO – Hire the Right Help (HomeRentalsLA)
We at HomeRentalsLA will provide you the most professional leasing service on the market
We care deeply about making your rental experience easy, transparent, and stress free. All you need to do is select the lucky person to live in your property.
If you have a place to rent, we have you covered.
Voila! Follow these 10 steps and be on your way to easy cash flow, so you can do more of what you love.
If you need the assistance of a fully licensed real estate agent for market evaluation, background/credit checks or find local laws/ordinances we’re happy to help. Call us at: 310.869.1797 or email us at info@homerentalsla.com.
