Did you get a great deal on your Seal Beach, CA home? If so, you might not want to let that great situation go, even if you have to move. Today, mortgage rates continue to rise with no end in sight.
When you're in this position, you become what's known as an accidental landlord. In short, this means you need to leave your property, but instead of selling it, you decide to rent it out to hold onto your affordable payment.
Accidental landlords can thrive, even if this isn't a scenario they envisioned at the beginning. Today, we're sharing three tips to help you make the most of your new path.
1. Know the Law
Before you do anything else, understand what your state law requires you to do as a landlord.
In California, several new tenant-landlord laws went into effect in 2024 and it's smart to know what they entail. For instance, one requires landlords to only require one month's worth of rent as a security deposit instead of the conventional two.
Skipping this step could mean accidentally acting illegally, which isn't the way to start this new career path.
2. Take Screening Seriously
You might think the world of your future tenants on a personal level, but you need to make sure they can hold up their end of the deal. Before letting them sign a lease agreement, be sure to thoroughly screen their financial history.
While a credit check is a great first step, don't stop there. Investigate their work history, and ask for recent pay stubs. Speak to former employers to gauge their work ethic and reliability.
Deciding to let someone live in your home is a major decision, and it isn't one you rush into, no matter how urgent your timeline might be. It's also helpful to hold interviews with your prospective renters so you can learn about their goals and intentions.
3. Work With an Expert
If you didn't plan to become a landlord, there's a good chance you don't have the time, energy, or bandwidth to juggle everything it entails. Instead of trying to shoulder every burden yourself, why not outsource most of the work to a third-party property manager?
A rental management company can handle almost every aspect of the process, from tenant screenings to property maintenance and repairs. This way, you can rest assured that every step will be performed the right way the first time.
Find Support for Accidental Landlords
You didn't ask to be in this position, but that doesn't mean you can't make the most of it. If you need to rent your home in Seal Beach, we can show you how to streamline the steps.
At Patron Property Management, we help everyone, including accidental landlords, optimize their rental services.
From marketing and listing to rent collection and repairs, we do it all. We can also organize and manage the administrative aspects, such as accounting and reporting. This way, you can relax and focus on more pressing issues, like moving!
To learn more and schedule a consultation, contact our team today.
