So, you've decidedto take advantage of the great prices of homes in Idaho and invest your money in one of the safest ways possible: The rental property. As the demand is high for housing, and with Boise's large pool of college students, you've got recipe for success.
If you've never been a landlord before, there are several ways to minimize the potential for trouble, and keep a harmonious relationship between you and your future tenants. The vast majority of renters simply want to live in a well-maintained residence in reasonably good repair, and are more than happy to keep dishing out the rent. To keep your investment property in Idaho a well-oiled machine that will keep giving you positive cash flow every month, there's a number of simple things you can do.
The best landlord, whether you're managing several properties or just one residential property, is the one who sets clear expectations from day one. Tell your tenant exactly what you expect of him/her, even over the tiny things like changing their own lightbulbs.
Whether you intend on being the landlord who stays out of the way as much as possible, or takes a more hands-on approach, it's important you maintain the interaction between you and the tenants on a business level. Of course, you do want to be friendly, but you don't want to be too friendly, as your tenant may begin to believe you won't mind if the rent comes in late.
Quite simply, being a good and successful landlord is about good management. To succeed, you need to be able to manage the property and personalities.
Be choosy when it comes to tenants. Screen them well. One handy tip is to pay attention to how well the prospective tenant maintains their car. It can be a good indicator of how well, or unwell they'll maintain your property.
Stay in regular contact with your tenants. Return calls the same day.
Pull a credit check on all prospective renters. Know what you're getting yourself into.
Become familiar with your rights and responsibilities under Idaho's law as well as landlord-tenant laws.
Consider making your own customized rental application. That way, you can ask questions that are the most important to you. Write out a well organized contract that includes all the important things, big and small.
Investing in Idaho real estate is an easy way to make a good chunk of money with the right house and the right know-how. Being a great landlord is a part of the equation, and following the aforementioned guidelines, you'll be well on your way to solid cash flow. So get started today. Call our on-call number at (208) 571-7145 to recieve more information and start the search for your Idaho investment property.