So you have decided to make some extra money by renting out your home in Orlando. Before making the leap, there are a few things you need to consider.
Are you familiar with the landlord/tenant laws that can affect what you can and cannot do within the rental relationship? How about local licensing requirements for rental properties? Do you understand Fair Housing Laws? Do you understand Lead-Based Paint laws and Radon Gas Laws? Do you know how many smoke detectors are required? When is rent due and what is the legal late fee? How do you post a 3-day pay or quit? Do you know the procedure of doing a Florida eviction? And then there is the question of security deposits: whose money is it and when does it need to be returned? How do you make a claim to be reimbursed for expenses incurred by the tenant?
As you can see there is quite a bit to know about being an Orlando landlord and many ways to put your investment property and yourself at risk by not following guidelines, rules, ordinances and laws pertaining to rental properties. Before renting out your home, make sure you familiarize yourself with these items and talk with your insurance provider to make sure you have an investment property or landlord policy as a homeowner’s policy will not cover loss, damage or injury once you are no longer the primary resident in the home. You will need to plan spend a full day familiarize yourself with the various legal and insurance considerations before renting out your home.
Next you will need to have a way that the prospective renters can apply to rent your property. Leases can be purchased online or at an office supply store for low prices ($30-$40). However, many times these leases are not compliant to your local laws, and expose you as a Landlord to undue risk and liability. Use caution to ensure that you are not inadvertently violating renter’s rights by asking questions that may be unlawful as a landlord to ask. It is a good idea to have your lease reviewed or prepared by a local legal counsel to ensure the lease protects your rights as well as is compliant with your state’s laws. You will need to plan spending two to three hours finding a lease, or $100 to $400 for an hour for an attorney to review or prepare a lease to ensure that it complies with Florida regulations.
As always, we thank you for your business. We know you had a choice when selecting a Orlando property management company and we are happy you chose us, Real Property Management South Orlando and Lakeside.
Not a client yet, Call Real Property Management Orlando today for all your central Florida property management needs Orlando/Kissimmee/ 407-982-2000 or Polk County 863-877-1078
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(John L. Wilkerson Florida Real Estate Broker)