Miami Rental Property: 5 Dangers To Avoid When Renting It Out

1. Not taking it seriously

1. Not taking it seriously

Transforming your home in a rental or buying a Miami rental property is a business; hence, you must take it seriously. Casual checks every now and them wont cut it. In fact, if you fail to treat your rental as a business, you could face some major legal troubles.

Once the home has become a Miami rental property, for instance, it automatically becomes a business. This means that you are obligated to report its income to the IRS and your homeowners insurance will not cover the house once it becomes a rental business. Be sure to have the right insurance to safeguard your property from any accidents.

2. Going solo

Even if youre good in numbers and excellent in managing affairs, it is still important to hire yourself a property manager. You can find the right person through the National Association of Residential Property Managers. The right professional from an agency can give you a helpful insight on the rental rules and regulations of Florida.

3. Skipping in background checks

Dont be too hasty in accepting tenants. One of the most important parts of screening for potential renters is background checks. Dig up any possible red flags and cautionary tales from the prospects history. Furthermore, dont forget to check his or her credit. Accepting a financially-sound tenant can help you avoid any future problems with the rent.

4. Not furnishing a lease

Although many landlords accept renters with a handshake, theyll be singing a different tune if problems occur in the future. Failing to provide a binding lease can cause you legal problems in the future if the tenant goes about with his or her way with the property. To avoid future snags, have everything in writing.

5. Failing to ensure safety of the tenants

When it comes to residential Miami rental properties, it is important to ensure the safety of your tenants while living in your property. You must be aware of any faulty wirings, structural damages and other possible hazards, and address them accordingly. Remember that ignorance of the law is not an excuse, thus meeting the citys building safety codes is tremendously essential.

Mark Michael Ferrer

Miami Rental Property

by: Mark Ferrer

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