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Accidental Landlords in East Brunswick: What to Do if You Become One

Accidental Landlords in East Brunswick: What to Do if You Become One

Right now, the US real estate market is in a state of disarray, with soaring prices and slow sales, particularly in the northeastern states.

Homeowners who secured a favorable mortgage rate in recent years might not want to exchange it for a much higher rate right now either. So, if you've inherited a home or need to relocate urgently, renting it might be the most sensible option.

The trouble is, you've got no idea where to start. Read on to explore our guide for accidental landlords.

Research Your Legal Responsibilities

Accidental landlords often have no clue about the many laws and regulations surrounding landlord-tenant relationships. This legislation defines your rights as a landlord as well as those of your tenants.

Under the New Jersey Landlord Identity Law, you must also register as a landlord before you rent out your home.

If you've inherited a property with existing tenants, it's important to review their rental leases and tenant histories to ensure that everything's compliant. Should you need to evict them for lease infringements or non-payment of rent, you must do so within the bounds of the law.

You may also need to pay income tax on your earnings from an investment property.

Plan Your Next Moves

Once you're familiar with your tenants, the next step is to complete a thorough property inspection. This will give you an idea of where you stand maintenance-wise and help you get on top of all the tasks involved in managing a rental home.

You may need to carry out some repairs and refurbishments at first, and you'll also need to attend to emergency repairs from time to time.

To preserve the value and integrity of the home, it's important to conduct ongoing routine and preventive maintenance. Keeping your rental home in good condition attracts better tenants and ensures a better ROI from your investment property.

Set up a calendar of maintenance tasks and compile a checklist for future property inspections.

Get Expert Help

Implementing property management software and an online tenant portal helps you keep track of many of the tasks involved with running a successful rental property. These include:

  • Rent collections
  • Record keeping
  • Maintenance requests
  • Vendor payments
  • Tenant communication

Some of the other things you'll need to administer as a landlord include lease renewals, tenant queries, and the marketing of vacancies. For busy landlords or those who don't live close to their rental property, all this can quickly become a logistical nightmare.

That's why most accidental landlords opt to hire a property management company to guide them through this new experience.

Assistance for Accidental Landlords

To sum up, the main steps involved in becoming an accidental landlord include knowing the law, planning property maintenance, and checking up on tenants. If you think this sounds like it involves a lot of time, effort, and stress, you're right.

CMS Property Management offers a full range of services for intentional as well as accidental landlords. We can assist you with tenant screening, rental property maintenance, and more.

Let us help you make the most of your journey as an investment property owner.