There are countless perks to owning a rental property in Fort Walton Beach.
Between 2021-2022 alone, nearly 500,000 people moved to Florida. Thousands flock to the Sunshine State for the beaches, warm weather, and affordable living. If you're a real estate investor, this should pique your interest.
Buying a property in Fort Walton Beach is just the first step, however. In today's post, we'll tell you how to navigate the world of owning a rental property. Being a landlord can be a lot of work, but keep reading and we'll make sure you're prepared to maximize your investment.
Time to Renovate
Depending on the condition of the property you've purchased, you may want to renovate it. Even if it's in good condition, a single-family home can be turned into a multi-unit dwelling, which will make it far more lucrative as a rental property.
The more you put into improving your property now, the greater the payoff will be once you start renting it out. Give it as many updates as possible, especially where it matters. Things like appliances, HVAC, plumbing, windows, and landscaping all help to find you the best tenants.
When the property is ready to rent out, you'll need to put it where renters will find it. There's an art to property marketing and, if you don't do it right, you'll end up with longer vacancies and less-desirable tenants.
Start by writing up your listing, which should be as detailed as possible about the property and what's expected of the tenant. You also need to include plenty of detailed photos of the unit, as well as the property. It's always best to have professional photos taken so renters get a full sense of what they're applying for.
Applicants will start to roll in, so you need to find a way to choose the best one to become your tenant. Tenant screening should always involve a background check, an inspection of financial stability, and a reference check.
The more due diligence you do on your applicants, the easier it is to tell which ones will become responsible renters. Not doing this due diligence can result in delinquent tenants, which will hurt your investment property in the short and long run.
Rental Income Accounting
It's important to treat your rental investment like a business. Open a separate account so you can keep rental property finances separate from your personal finances.
There's also a lot to learn about paying taxes and making deductions on your rental unit. If you're doing this for the first time, it can be beneficial to hire a tax accountant to help.
Become a Real Estate Investor Today
Life as a real estate investor can be great, but you've got to put the work into making it a success. If you don't have the time to invest in your rental property or you've got multiple properties in Fort Walton Beach, hiring a property management company might be a good solution.
All American Realty is a veteran-owned and operated property management service that can help you with everything we've discussed here. Whether you need tenant screening or accounting help, contact us and we can take your rental to new heights.