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How Can Accidental Landlords Make Money?

How Can Accidental Landlords Make Money?

With an average monthly rent of $1,146 in Jacksonville, FL, landlords can make a significant passive income. However, you have to ensure your property is worth the price.

Accidental Landlords, in particular, may have trouble getting higher rents because they didn't get the property as an investment. If you want to capitalize on your acquired rental, then you have to know the basics.

Start here with this guide to making money as a landlord.

What is an Accidental Landlord?

An accidental landlord is someone who didn't buy a property to rent it out. Instead, they suddenly had a vacant home because they received it through inheritance or had to suddenly move due to work or a relationship.

They may have moved into a new home but aren't able to sell their old one yet. This is especially true since Jacksonville has one of the most overpriced housing markets, making it difficult to get a good price.

Financial hardships may also cause someone to rent their home rather than foreclose or sell it.

In any case, these instances make you a sudden landlord that gives you a chance to make money.

Preparing Your Home for Rent

Imagine that you are investing in real estate. The first thing you would do is make the property appealing to tenants.

Fixing up the property, painting, adding appliances, and even furnishing it will help make it comfortable for your tenants. If the property feels like a home, then renters are willing to pay decent rent and stay for longer periods, keeping your home occupied.

Marketing Your Rental

Once your property is ready to rent, use Round Table Property Management to market it. By using this service, your rental will be marketed to the right tenants and find potential tenants faster.

Finding a Reliable Tenant

Part of getting a passive income is finding reliable tenants who will pay rent on time. You also want someone who won't damage your property.

To find the right tenant, you can reach out to the property manager to conduct a background check. In this report, you can see credit, rental, and criminal histories to see if they are a good fit for your property.

Deciding on Monthly Rent and Lease Terms

A real estate investor knows exactly how much their property is worth when they buy it. However, as an accidental landlord, you might not know how much to charge for your property.

Get the best price for your rental by getting it appraised by one of our professionals. They will assess the location, amenities, and condition of your property and suggest a monthly rental price then create lease terms for your investment property.

Professional Management for Accidental Landlords

Accidental landlords can be overwhelmed and stressed when trying to rent their property. Having someone manage your property will take away the burden of preparing, marketing, and renting your home. This will also ensure that you will start making a profit and turn an accident into an investment.

Start by contacting one of our representatives to transform your property into an investment.