Get an Idaho Private Money Loan for Rental Property Upkeep
Owning rental property is a great long-term real estate investment. Being a landlord brings with it responsibilities.
Keeping rental properties leased and collecting rent are clearly defined tasks. But the most successful landlords understand that the more you know about the rental industry, the better you maintain your property, and the more responsive you are to tenants – the greater return you’ll see on your investment.
Here are eight landlord responsibilities it pays to stay on top of.
The Landlord List: 8 “Don’t Forget” Responsibilities
- Know and understand state and city landlord-tenant laws and regulations: As a landlord, you are responsible for knowing the legal ins and outs related to your rental on a local and state level.
- Ensure that your lease agreement abides by all laws: Rental regulations differ by city and state. Again, it is up to you to provide a contract that is clear and legally correct.
- Deliver possession on the agreed-upon date: It is your responsibility to provide a clean, livable move-in ready rental unit on the agreed-to date.
- Provide a safe, clean habitable unit in working order: The rental must be clean and free from pests and insects, with supplied fixtures, appliances, heating and plumbing working and operable.
- Complete repairs within a fair timeframe: Once reported, you must respond to and complete repairs in a timely manner. Note that left unattended, damage can lead to larger repair costs and vacancies.
- Respect your tenant’s right to privacy and quiet: Once occupied, you may not enter a rental unit without prior notice and only for a valid reason and at a reasonable time of day.
- Protect your tenants by providing safety measures: Tenants health and safety must be ensured with working fire and carbon monoxide detectors, exterior door and window locks, and fire extinguishers.
- Report any criminal activity to authorities: As landlord, you are responsible for reporting any criminal activity on your property to authorities. Some laws hold landlords liable for certain criminal acts.
Keep Your Rental Property in Top Repair with an Idaho Hard Money Loan
If you’re purchasing or upgrading a rental property, talk to our Gregory M. Russell private money loan team. With over thirty years’ experience in hard money lending, we have helped many Idaho investors meet their goals. We understand the demands of the industry. If your credit or employment history is less than perfect, we’re here to help. Our loans are based on your available equity – and our loan process is simple and streamlined. Call 1-888-477-0444 today to learn more or complete our online loan request form.