What to Watch Out for Before Renting Out Your Property

What to Watch Out for Before Renting Out Your Property

Just like any other business venture, renting out your property has its risks and rewards. It just so happens that both of those tend to be steep! You can get away making a hefty profit, or you might burn through money without a dependable tenant. Here are some things to watch out for!

What to Watch Out for Before Renting Out Your Property: Liability Issues

This one is a must. Learning about the common risks and how to prevent them will be fundamental in preparing a property for renting. Beyond the basic home insurance that you will need to pay for the property like any other, you may want to consider insuring your property against damage done by the tenant. A security deposit can only get you so far. You may also want to think about forming an LLC (limited liability company) in case a tenant wants to sue you for damage done to them within your property. Regardless, do some research on where and how you would be liable as a landlord, and take the proper precautions to avoid such hazards.

Tenants Issues

In the case of tenants, prevention is the best cure. Getting a bad tenant is not the end of the world, but you definitely want to avoid that possibility as much as possible. Tenants who cause damage to the property or to themselves can become a huge money drain before long – and if they are slow on the rent, that certainly doesn’t help either. So, jump through the necessary hoops to ensure that your tenants are basically responsible and just plain old good people. Screening applicants can help fill your properties with quality tenants. Ask for references from past landlords or professional associates, and make sure they’re financially stable and independent.

What to Watch Out for Before Renting Out Your Property: Market Issues

The real estate market is flexible and inconsistent – meaning that you need to be aware of your local goings-on. Doing the research and reading the articles relevant to your real estate could make the difference between surviving and floundering in an economic crisis. You will also be better-connected to your town’s tenant market, thus being prepared for when your current tenants inevitably move on. Having tenants consistently is the number one way to stay afloat even while paying off your property.

House hacking or purchasing property outside of your house can be intimidating – after all, your most valuable assets are on the line. But the payoff is worth it! As long as you are well-informed of the risks and connected into the industry, you can come out on top.

Check out this article on home repair issues you don’t want to put off

 Steelbridge Realty LLC  is a Licensed Real Estate Brokerage that utilizes cutting-edge marketing techniques and data-driven Real Estate solutions in today’s ever-changing environment. Our group of professionals have decades of experience and have navigated through many business cycles. Our diverse background gives us the tools to guide people towards successful decisions.

 



Price Change - 3 weeks ago
$23,700
Land For Sale
Active
0.5
ACRES
LEE
COUNTY
1404 Johns Ave
Lehigh Acres, FL 33972
Lehigh Acres Subdivision
Price Change - 3 weeks ago
$24,700
Land For Sale
Active
0.506
ACRES
LEE
COUNTY
1220 Michael Ave
Lehigh Acres, FL 33972
Lehigh Acres Subdivision
New Listing - 4 weeks online
$18,900
Land For Sale
Active
0.378
ACRES
LEE
COUNTY
727 Kehosha Ave
Lehigh Acres, FL 33974
Mirror Lakes Subdivision
$189,900
Single Family Home For Sale
Pending With Contingencies
2
BEDS
2
TOTAL BATHS
926
SQFT
914 Hudson Ave
Lehigh Acres, FL 33936
Lehigh Acres Subdivision
$20,900
Land For Sale
Pending
0.227
ACRES
LEE
COUNTY
236 Pennfield St
Lehigh Acres, FL 33974
Lehigh Acres Subdivision
Price Change - 3 weeks ago
$33,700
Land For Sale
Active
0.335
ACRES
LEE
COUNTY
1926 Magenta Ave
Lehigh Acres, FL 33972
Lehigh Acres Subdivision
New Listing - yesterday
$22,900
Land For Sale
Active
0.5
ACRES
LEE
COUNTY
1711 Richmond Ave N
Lehigh Acres, FL 33972
Lehigh Acres Subdivision
New Listing - yesterday
$22,900
Land For Sale
Active
0.5
ACRES
LEE
COUNTY
1713 Richmond Ave N
Lehigh Acres, FL 33972
Lehigh Acres Subdivision
New Listing - 4 weeks online
$350,000
Single Family Home For Sale
Pending With Contingencies
3
BEDS
2
TOTAL BATHS
1,672
SQFT
8037 Gopher Tortoise Trl
Lehigh Acres, FL 33972
Town Lakes Subdivision
Price Change - 3 weeks ago
$107,700
Land For Sale
Active
0.241
ACRES
LEE
COUNTY
10021 Alabama St
Bonita Springs, FL 34135
Heitmans Subdivision
Price Change - 3 weeks ago
$75,700
Land For Sale
Active
0.173
ACRES
LEE
COUNTY
17374/376 Dowling Dr
Fort Myers, FL 33967
San Carlos Park Subdivision
New Listing - 4 weeks online
$179,000
Single Family Home For Sale
Pending With Contingencies
2
BEDS
2
TOTAL BATHS
907
SQFT
2317 South St
Fort Myers, FL 33901
Jeffcotts Subdivision
New Listing - a week online
$349,900
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,301
SQFT
984 Hearty St
North Fort Myers, FL 33903
Ridgeway Subdivision
New Listing - 3 weeks online
$409,900
Single Family Home For Sale
Pending
3
BEDS
2
TOTAL BATHS
1,189
SQFT
1432 SE 11th St
Cape Coral, FL 33990
Cape Coral Subdivision
$349,900
Single Family Home For Sale
Pending With Contingencies
3
BEDS
2
TOTAL BATHS
1,520
SQFT
2614 Gleason Pky
Cape Coral, FL 33914
Cape Coral Subdivision
Price Change - 2 days ago
$8,900
Land For Sale
Active
0.14
ACRES
CHARLOTTE
COUNTY
12491 Siesta Drive
Punta Gorda, FL 33955
Trop G A Subdivision
$19,900
Land For Sale
Pending
0.293
ACRES
LEE
COUNTY
3935 NW 48th Ter
Cape Coral, FL 33993
Cape Coral Subdivision
Price Change - 2 days ago
$18,900
Land For Sale
Active
0.23
ACRES
CHARLOTTE
COUNTY
3147 Sulstone Drive
Punta Gorda, FL 33983
Harb Heights Subdivision
New Listing - 4 weeks online
$49,900
Land For Sale
Active
0.23
ACRES
CHARLOTTE
COUNTY
2094 Middle Terrace
Punta Gorda, FL 33983
Hrbr Heights Subdivision
Price Change - 2 days ago
$18,900
Land For Sale
Active
0.23
ACRES
CHARLOTTE
COUNTY
1516 Sulstone Drive
Punta Gorda, FL 33983
Hrbr Heights Subdivision
New Listing - 4 weeks online
$20,900
Land For Sale
Active
0.23
ACRES
CHARLOTTE
COUNTY
23127 Wicker Avenue
Port Charlotte, FL 33980
Port Charlotte Sec 013 Subdivision
Price Change - 2 days ago
$23,900
Land For Sale
Active
0.23
ACRES
CHARLOTTE
COUNTY
18298 Ackerman Avenue
Port Charlotte, FL 33948
Port Charlotte Sub Sec 37 Subdivision
New Listing - 4 weeks online
$17,900
Land For Sale
Pending
0.23
ACRES
CHARLOTTE
COUNTY
4055 Gallo Street
Port Charlotte, FL 33948
Port Charlotte Sec 037 Subdivision
Price Change - 2 days ago
$23,900
Land For Sale
Active
0.23
ACRES
CHARLOTTE
COUNTY
18306 Ackerman Ave
Port Charlotte, FL 33948
Port Charlotte Sub Sec 37 Subdivision
$15,400
Land For Sale
Pending
0.23
ACRES
CHARLOTTE
COUNTY
3049 Christopher Street
Port Charlotte, FL 33948
Port Charlotte Sec 031 Subdivision
New Listing - 4 weeks online
$13,900
Land For Sale
Pending
0.23
ACRES
CHARLOTTE
COUNTY
2357 Salerno Street
Port Charlotte, FL 33953
Port Charlotte Sec 059 Subdivision
New Listing - 4 weeks online
$13,900
Land For Sale
Pending
0.24
ACRES
CHARLOTTE
COUNTY
13228 Chamberlain Boulevard
Port Charlotte, FL 33953
Port Charlotte Sec 038 Subdivision
New Listing - 4 weeks online
$54,900
Land For Sale
Active
0.23
ACRES
CHARLOTTE
COUNTY
7194 Rosemont Drive
Englewood, FL 34224
Port Charlotte Sec 064 Subdivision
Price Change - 2 weeks ago
$13,500
Land For Sale
Pending
0.23
ACRES
SARASOTA
COUNTY
Kravitz Street
North Port, FL 34291
Port Charlotte Sub 29 Subdivision

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