Being a landlord involves much more than just sitting back and collecting rent. It is a lot of work and involves considerable financial risk. You have to be sure you are up to the task. If you are thinking of buying a home for sale in Irvine to rent out, here are five signs you’re ready to be a landlord.
1. Your property is in a strong rental area.
Just because you put your house up for rent doesn’t mean someone will pay to live there. You should only seek renters if the rental market in your area is strong. If other homes in your neighborhood rent out easily and command good rental sums, then it’s probably time to take the plunge.
2. Your property is in good shape.
If your house needs some work, trying to rent it out isn’t a good idea. Not only will you have trouble finding someone to rent it, but certain problems might violate local codes and put you in legal jeopardy if you rent out your house.
3. You are in a good financial position.
Renting your house because you are desperate for extra money is a bad idea. Renting is not a cash cow. You will have months when the property is vacant and you will incur extra costs to maintain your home while it’s being rented. You should be in a position to handle that extra financial commitment before seeking out tenants.
4. You have extra time.
Being a landlord is like having a part-time job. Unless you hire a property manager, you will spend several hours a month responding to tenant requests and dealing with move-outs and move-ins. If there are bigger issues, like needing to replace the plumbing, expect to spend a good portion of your days on-site for the duration of the project.
5. You are allowed to rent.
Before seeking to rent your house, you should make sure it is allowed. Check with your city zoning office to ensure your area allows renting. You also want to check with your homeowners association if you have one, because such groups often put restrictions on renting.
If you’re ready to take the plunge, we can help you find the right investment property to rent out. We know the Irvine real estate market front and back and can show you houses and townhomes in areas with a strong rental market to protect your investment. Give us a call today at (714) 454-6304 and schedule an appointment!