I recently closed on a Boston condo and the buyer plans to rent it out. Jim, will be a Boston landlord for the first time and asked me what tips I can provide him.
Tips for New Landlords in Boston
If you’re a new landlord, you may be feeling overwhelmed and a little anxious about your new adventure. Managing a Boston condominium can be quite a daunting task at the beginning. You may be curious as to what you are responsible for, should you hire a Boston property management company, how you will go about finding tenants, and what your safety requirements are as well.
All these questions can seem to take over your excitement at becoming a new Boston investment property owner. Here are a few tips to get you going and to consider as you step out on the new adventure of being a Boston condo landlord.
Screening is Critical
First, you must go through the proper screening process for all potential tenants which includes a credit check. An average credit check costs about $12 per applicant. As a Boston property manager, you must follow the same screening and regulations for one tenant as you do for all tenants. This can lead to lawsuits if someone gets wind of you playing favorites. This is why a screening process is critical. It is also a great way to find tenants that will be quality tenants who pay their rent and care for the property as you do.
Know the Fair Housing Regulations
As a Boston condominium owner, you must be aware of all the fair housing regulations that are in place. If you miss something, you could face hefty fines and legal action against you. Be sure that you’re aware of all the regulations in place and keep updated as laws can change over time.
Rent is #1
Without rent, you cannot pay your mortgage you have on the property or pay for the other expenses that come along. You must be aggressive in some respects to collecting rent and late fees when it comes up. If your tenant starts ignoring your contacts, then it’s time to start eviction processes. While it is not a fun process, it is necessary as you can fall way behind on collecting rent before you know it. Then your tenant is living there for free and you’re having a huge problem.
Offer Online Rent Collection
Everything these days is available to pay online. That means that as a Boston condo owner, you should work with a service that offers online rental payments. This helps you to reduce the problems of having to chase down checks. It also makes it easier for your condominium tenants in Boston to pay their rent. It also means that rent can be paid whether you’re there to collect it or not.
Work with A Management Company
One final tip for a new landlord or property investor in Boston, consider working with a management company. Having a Boston property manager for your condominium means that you can work on investing in other properties. It also means that you have someone to enforce the rental payment policies if you’re not sure about it yourself.
Contact me to set up an appointment to start your Boston condo buying process
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