Being a landlord can be a challenge. It comes with a lot of responsibilities, hassles, and stress. While some people love being a landlord, others feel they’ve become trapped by their rental property. If you’re an accidental landlord, the best option is to sell your property to cash home buyers in Los Angeles, CA.
In this post, we discuss who accidental landlords are and share tips for first-time landlords so that you can avoid any mistakes and make the most out of your role.
How Do You Become an Accidental Landlord?
As the term implies, an accidental landlord is an individual thrust with the responsibility of owning a rental property. Here are a few common scenarios where you might become an accidental landlord:
- You have inherited a home that you don’t want to live in or sell.
- You purchased a property intending to live in it but decided to rent it out.
- You have extra space in your home that you rent out.
- You bring in a renter to make supplemental income.
- Your finances have taken a hit, and earning rental income is your best bet right now.
If you face any of these situations, it makes you an accidental landlord.
Advice for First-Time Accidental Landlords in Los Angeles
Once you have decided to rent out your property, these tips can help you reduce stress, earn more rental income, and free you from the hassles of being a landlord.
1. Choose the Right Tenants
Having the right tenants is crucial to being a successful landlord. When evaluating tenants, consider their references, credit history, and work history. You can even perform a background check to ensure you rent to the right person.
2. Budget for Maintenance and Repairs
You should factor in the estimated repair and maintenance costs when determining the rent. All landlords should have a separate account to pay for repairs and maintenance of the rental property. Additionally, California law requires landlords to perform a few repairs before renting the home. Make sure that you have the budget to pay for this.
3. Always Sign a Written Contract
You might trust a tenant so much that you are tempted to rent your property to them with a verbal agreement. But not having a written contract is a huge mistake and can cost you later. Make sure to draw up a legally binding contract and get the tenant to agree and sign before letting them rent the property.
4. Ask for a Deposit
It’s common for tenants to pay a deposit. A deposit is a specific sum that the landlord holds onto until the termination of the lease. Landlords return this amount to the tenant if there’s no damage or violations to the property at the end of the rental agreement.
What Can You Do If You Do Not Want to Be a Landlord?
If you’re having trouble as a landlord or don’t want to deal with the added responsibilities, here’s what you can do.
Sell your house fast to Cash 4 Homes, the number one cash home buyer in Los Angeles, CA. We buy houses in Los Angeles, CA, in any condition and situation. You can sell your LA home in a month or less by partnering with us. We buy your home as-is, so you don’t have to worry about spending a fortune on repairs or renovations.
Connect with our team, and one of our experts can walk you through the process. We assess your home and provide you with a cash offer within 24 to 48 hours. Once you accept it, we can help you close the deal as quickly as possible, relieving you of your landlord duties.