If you are acting as a landlord in the Houston area, please beware there is a lengthy Texas property code you should be abiding by.Ai?? If you’re not sure what is required by law to be a landlord, then you should hire a property management company to take care of the property.Ai?? If you would like a referral to a fabulous property management company we have a sister brokerage that we refer our property management clients to.Ai?? Below are a few tips and a video to help you decide if you want to be a landlord or not!
First of all, do your homework.Ai?? Finding a good tenant can prevent a lot of future headaches.Ai?? Once they move into the property, it’s too late to change your mind.Ai?? Make sure they are the right tenant first by being proactive.Ai?? What does their previous rental history reflect?Ai?? Pull a background check and a credit check.Ai?? Ask for references from previous landlords and check their employment history.
Next, make sure you have emergency maintenance funds set aside.Ai?? Many repairs do not fall under your homeowners insurance and some don’t fall under a home warranty, even if you have one in place.Ai?? Appliances will not last forever and you need to be prepared for your tenants to call you with problems because you’ll be expected to respond immediately to maintenance issues.Ai?? Some home warranty companies offer quick appliance manuals you can leave in the property to troubleshoot small issues.
Always make sure there’s a requirement for renters insurance in your lease.Ai?? This protects your tenants belongings against damage.Ai?? In the event your tenant causes a neighbor to suffer a loss, a good renters policy also can provide protection that would compensate the injured party.Ai?? But you, as the landlord, will also want to make sure you keep good insurance coverage on the property, especially if there’s a pool.
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