Becoming a Landlord 101

Choosing to be a landlord is not an easy decision, but one that can be rewarding and between the tax deductions, long term security, and the flexibility of owning your own business, you can make a little extra money in the long run.

When deciding to become a landlord, take a moment to check out the Utah Landlord-Tenant Laws. Here are some other things to consider before going down the road of being a landlord:

1. Find a Good Tenant. A good rule of thumb is to always trust your gut, but a background and criminal check are just as important. Take the time to ensure your potential tenants who are responsible, clean, and will pay their rent on time. You want to screen them carefully because they will be living in your home.

2. Change Your Homeowners Insurance. When you are looking to rent out your home, you are required to have landlord property insurance specifically for a rental property. Talk to your insurance company to make sure you are covered to keep yourself and your investment protected.

3. Who Will Manage the Property. Being a landlord can be a full time job, so if you don’t have time to put towards being there at all hours, you may want to consider hiring a property management company. Having a property manager takes some of the stress off you and allows flexibility when dealing with tenants.

4. Set Your Price. Potential tenants will be checking out the area for deals and keeping your prices competitive and highlight the valuable aspects of your property.

5. Protect Your Assets. Have a lease the clearly states the agreements between you and the tenant to protect your rights. The lease agreement should have the lease terms, rent due date, up-keeps, security deposit, with some other details your legal representation can advise you on.

If you want more information about becoming a landlord, check out Renting My House for more tips and insights. If you live in the Ogden area, I would also highly recommend joining the Good Landlord Program for excellent information and potential discounts. Other areas should have a Good Landlord Program as well as be sure to ask your city.