Becoming a landlord for the first time involves a lot of research and hard work. However, the opportunities for a lucrative real estate business in Killeen, TX can provide you the impetus of working towards your goal. In addition to the basic property purchasing and renting process, you also need to be aware about the legal aspects in order to protect yourself from any hassles in the future. Below are some renting tips for new landlords in Killeen:
- Hire a property manager: A property manager can handle all the tasks related to your rental home such as tenant screening, preparing lease, conducting repair and maintenance work, tenant eviction etc. If you are a new landlord or have multiple properties to manage, it is best to hire a property manager to oversee all the matters.
- Get everything in writing: One of the most important things that you can do as a landlord is to get everything in writing. Get a detailed lease document that includes all the clauses as it is a proof of the agreement between you and your tenant. In case any problem arises in the future, the document can help you prove many facts during the legal proceedings.
- Verify the financial background of your tenant: Once you shortlist the prospective tenants, ask them fill out the rental application form, which will help you know the financial background and other important information about them. However, you must cross-check all the details they have filled in the application form. Verify the credit information and get employer references to validate their financial stability.
- Collect the security deposit: Getting the security deposit from your tenant is a must. It helps to ensure that you are serious about maintaining your property. It will also alert the tenant about the property maintenance standards he needs to comply with. If a tenant causes any damage to your property, you can use a part or whole of the security deposit to get the repair work done.
- Follow all the terms and conditions: It is imperative that you clearly understand the terms and conditions specified in the lease agreement. If you do not abide by the rules and regulations mentioned therein, you may face legal troubles. Also, your tenant might also start flouting the conditions mentioned in the lease agreement. Thus, make it a point not to violate any terms mentioned in the agreement.
The agents at Hunter Rentals & Property Management can provide assistance if you are planning to rent your home in Killeen, TX. For more information, call at (254) 634 – 3311.
Renting a home can be a good option to maintain a consistent flow of income and add value to your investment property. However, if you are a first time landlord, there are a lot of things that you may not consider important, but must not be overlooked to ensure a hassle free renting experience. Given below are some of the mistakes you must avoid while renting your home in Killeen:
- Poor tenant screening: Tenant screening is a crucial step in finding reliable and responsible tenants. You should check the credit history, income proof and criminal records of the prospective occupants before letting them move-in. You can also get in touch with their previous landlords and ask them about the tenants’ general conduct and punctuality in rent payment.
- Delaying maintenance: Sometimes landlords tend to avoid maintenance issues such as leaky taps, faucets, broken windows etc. in order to save money. If left unrepaired, it can result in further damages leading to a much higher renovation cost. Thus, it is important to inspect the property before you finalize the deal.
- Not revising the rent: Make sure you research thoroughly about the price trends of rental properties in your area. Set an ideal rent that is not too high or too low as compared to other similar rental homes.
- Allowing tenants to pay the rent late: If you allow your tenant to make late rent payment once, there are chances that he may do it repeatedly. Make sure you collect the rent on time and charge penalty for each late payment.
- Improper documentation: Another common mistake that landlords make is avoiding the legal procedure involved in the rental process. The rental agreement should be duly signed by both landlord and the tenant. This will help to avoid tenant-landlord issues and ensure a smooth renting experience. In the absence of agreement, it can be difficult to evict the tenant if required.
- Not seeking professional assistance: Seeking professional assistance can be beneficial as the team can help to save your time in renting out the property. They have complete knowledge about the tenant-landlord laws and the important clauses which should be included in the agreement.
We, at Hunter Rentals & Property Management, provide complete assistance in renting your home in Killeen, TX. For more information, you can call us at (254) 634 – 3311 or visit our office at 1503 W Stan Schlueter Lp, Killeen TX 76549.
When renting a home in Killeen, TX, you may be asked to submit a number of documents to the landlord of property management company. It is important that you keep all the documents ready beforehand to avoid any delay in rental process. Listed below are the documents you must have while renting a home:
- Proof of identity: You need to provide the proof of your identity and current place of residence to your landlord. This information will be verified by the landlord before initiating the rental process. You may also have to submit a photo ID along with your Social Security Number (SSN) and driving license number. The landlord will conduct a background check using this information.
- History of tenancy: Many landlords in Killeen ask for the history of tenancy in order to know if you have been a responsible tenant in the past. For this, you will need to give contact information of all your landlords in the past three to five years.
- Income proof: Your landlord will also want to be sure that you will be able to pay the rent on time. For this, you will need to provide at least two recent pay stubs along with a Wage and Tax Statement. You will be asked to give details of your employment, job profile, duration etc. The contact information of previous and current employers may also needs to be mentioned in the rental application.
- Asset and liability information: Most of the rental application forms require the tenants to provide details about the assets they possess. You may have to give information regarding the financial transactions and balance in all your bank accounts. Not only this, you may also have to mention about any outstanding loan payments or debts. You can even bring along your bank statement when meeting the potential landlord to validate your claims.
- References: References are basically required to verify your identity, employment and general behavior. Get in touch with your previous landlord to give proof of your character and a document stating that you paid your rent on time. Apart from this, get references from your employer stating your general conduct in the office. You can also ask your friends or colleagues to state your character in writing.
If you are planning to rent a home in Killeen, TX, Hunter Rentals & Property Management can provide complete assistance in documentation. For more information, you can call us at (254) 634 – 3311 or visit 1503 W Stan Schlueter Lp, Killeen TX 76549.