If you've recently become an accidental landlord, you're probably feeling confused, overwhelmed, and unsure of what your next steps should be. Do you keep the property, give it up? What's the best course of action for you and your current financial situation?
These are all perfectly valid questions, and ones that can be tough to answer on your own. That's where this accidental landlord guide comes in. If you've found yourself in charge of rental property, and you're unsure of what to do, read on to find out everything you need to know.
What Is an Accidental Landlord?
The process of becoming a landlord is usually an intentional one. A person decides to purchase a property and find tenants to whom they can rent it out. So, how does someone become an accidental landlord?
It usually happens in one of a few ways. It's possible that you were left the property as an inheritance or that you won it as part of a settlement in court. Or did your financial situation make it necessary to start renting out rooms in your home for tenants?
No matter how it's come about, if you are an accidental landlord, there are some things you should do.
1. Take Stock of Your Situation
You've come to be in charge of rental properties. Now you've got to decide whether you should keep them or not. The first step in doing this will be to see which option benefits you most and makes the most sense for you.
A steady income stream is nothing to turn your nose up at. At the same time though, you may not have time for the demands of being a landlord and having tenants.
2. Ask for Professional Help
If you're still unsure about what you want to do, it's a good idea to seek expert advice. You can speak to your lawyer, a financial advisor, and property professionals to help you make your decision.
Maybe now isn't a good time to sell, and you should wait for a little. Maybe there are legalities to consider. Speaking with experts will allow you to be informed and be confident you're making the right decision.
3. Act on Your Decision
Whether you decide to keep your property or not, you'll now have some work to do. If you're going to try to sell, you'll need to find a buyer and negotiate a fair price. This can be a long and drawn-out process.
If you'd like to keep the properties, you have a lot to learn about being a landlord. You may want to hire some outside help to assist you with things such as taxes and property maintenance.
Are You an Accidental Landlord?
If you've found yourself in the position of being an accidental landlord, it can be a lot of responsibility to take on. If you're in need of any advice or assistance, Penny Realty is happy to help. Get in touch with a member of our team today to see what we can do for you.