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8 Beginner Steps to Setting Up Your First Rental Property

Marble Team Author ImageAuthor Image
Written by
Marble Team
Daniel Li
December 9, 2022

Setting up procedures that make renting out a home simpler for you and potential renters is the first stage in the rental process. Which method of managing your rental properties do you prefer— traditional pen-and-paper method, hiring a property manager, or doing it alone with the aid of a management software?

It's critical to plan how you'll manage your new rental business to prevent problems in the future, regardless of how you decide to manage your rentals. Once that is established, you can begin renting out your property.

Section 1: Purchase Landlords Insurance

Purchasing landlord insurance is a smart method to safeguard your interests as a landlord. This insurance is designed exclusively for homeowners renting their homes, apartments, or condos. Although there are several types of coverage to consider, every plan generally offers liability, loss of income, and property damage protection.

Section 2: Research Laws and Demographic Stats in Your Properties Area

In accordance with the Fair Housing Act of 1968, landlords are prohibited from discriminating against potential renters based on their race, color, religion, family status, sex, or disability. To comply with these rules, you must ensure that your rental applications, tenant screening procedure, and lease agreements do so. Individual states and local governments also extend these rights. Rules and regulations vary from state to state, so if you have multiple properties in many different states be sure to read up on all of them.

Section 3: Schedule Rent-Ready Inspector 

Reach out to a city inspector or just from a local company, and the inspector will point out any issues or health hazards that might appear in your property. The inspection report should give you a good idea of where to start fixing up before allowing people to tour. 

Section 4: Advertise Your Property

The first step in marketing your rental home is to take excellent pictures of every room. Then, you'll have to decide:

Finish with a romantic description that covers the amenities and surrounding areas of your property. Give potential tenants a verbal tour of the property by highlighting unique features and layout. 

Section 5: Screen Your Applicants Diligently

It's crucial to carry out due diligence and gather details on who will be residing in your rental home before limiting your selection of tenants.

Using a rental application, you can gather a potential tenant's contact details as well as the following:

Section 6: Write an All-Inclusive Lease.

Your rental lease agreement is the foundation of your rental property. It will detail all conditions, guidelines, and disclosures related to your rental property and the obligations you and your tenant have regarding the rental. Ensuring that your lease abides by all relevant local, state, and federal rental laws. It is better to add more, than less on your lease to ensure all your basis are covered.

Section 7: Establish How the Tenant will Pay Rent

It's great to generate income flow from your rental property, but a system must be in place to guarantee that you are paid in full and on schedule. This involves maintaining an organized record of your earnings. The most common ways of collection are direct ACH transfers, mailed checks, handing over cash, money orders and cashier check. For section 8 housing, receiving money from housing authorities is also possible. 

Section 8: Establish a Local Handyman for Maintenance Calls

It is wise to network out and establish some professional handyman to finish a repair job quickly or fix something broken. During busy seasons and urgent matters, having someone that is vetted and picked out can save you time and money. 

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