So you found yourself being an 'Accidental Landlord' - you didn't start out intending to become one, but that's what's happened. Did you inherited a house from your parents? Or maybe you have found yourself in a situation where you need to sell your house - you've already moved, or the mortgage payment is too much and you need to sell, but the house is not selling and you don't want to lower the price anymore. So what do you do? What can you do?
One of the options is Renting it out. Congratulations, you're now an "Accidental Landlord"!
This will bring some money in while you either decide what to do with the house, or the market improves. By renting it out, you will be bringing in income to cover the mortgage at the very least, or hopefully, earning some income that you could reinvest in more property later.
So now you're a landlord what options do you have:
1 - Manage the property yourself
2 - Engage a property manager
Option is may be the better option especially you re undergoing a lot of stress and don't have the time nor inclination to handle the property. However, it can be a difficult decision especially if you have a lot of expenses and you may feel that you can't afford one more. But, you are likely to find that a property manager may in fact save you money (and definitely stress) in the long run.
But if you are committed to becoming a landlord what should you do?
You will find a lot of great articles on this blog about being a landlord everything about
- Being a successful landlord
- Taking a holiday
- Protecting your property through maintenance
- What rent to charge
- Dumb things landlords do
- Even if you should let your tenants decorate
There are a lot of decisions to make when you are a landlord so make sure you do your research! That would be my top tip. Talk to other landlords about how to go about the process. Research, research, research what you will need to know. Try and take your time and develop a realistic plan on how you will approach all the facets of becoming a landlord. Also remember if it does get too much for you, you can get help from a property manager.
So have you found yourself as an accidental landlord? What route did you take - going solo or employing help and why?
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