A Guide for Accidental Landlords

Have you suddenly become a landlord without expecting it and feeling a little unsure? Maybe you haven’t been able to sell your house, or inherited one from a relative, making you an accidental landlord. It happens! 



It might seem like a lot at first, but with some simple steps, you can make it work and even enjoy it. MTD Property Management is here to guide you through the ins and outs of becoming a landlord. Keep reading to learn more!

Understanding Your New Role

An accidental landlord is someone who ends up with a rental by chance. It happens to lots of people, and while it does require some work, it’s a chance to earn some extra money. 

Take a moment to look at your property, see if it needs a few fixes like a new faucet or some paint, and think about what you’d like to do with it. It’s like starting a new chapter with a home that has its own story.

Getting Started with Your Property

The first step is to check out your new place. Walk through it to see what shape it’s in; maybe the kitchen needs a refresh or the yard needs a little cleanup. Make any necessary upgrades and repairs to ensure habitability and maximize your rental income.

Ask neighbors or look online to find out what similar homes rent for. Decide if renting makes sense for your budget, and picture that money coming in to help with bills or a fun trip. It’s a practical way to turn your surprise responsibility into a positive experience.

Learning the Basic Rules

Being a landlord comes with some simple rules to follow. You’ll need a written lease for your tenant to sign, and there are limits on how much you can ask for a security deposit. Understanding the basics of your local landlord-tenant laws is essential for protecting you and your property. 

You’ll also need to know what to do if a tenant doesn’t pay their rent, which might involve a quick chat or a formal notice. Spend a weekend reading up on these basics or speaking with a professional; it keeps everything legal and avoids trouble down the road. It’s like learning the rules of a new game before you play!

Setting Up Your Finances

Keep your rental money separate by opening a new bank account just for it, making it easy to track. Save 10% of the rent and put it away as a safeguard for when the rental unit is vacant. This keeps your finances neat and worry-free, letting you plan for things like a new couch or a dinner out with the savings.

Finding the Right Tenants

List your home on online rental websites and social media, where people look for places to live, and put up a “For Rent” sign in the yard to get some attention. Screen all applicants by looking at their credit, rental history, and criminal record to make sure they will be able to pay their rent and keep your property safe.

It might take some time, but you want to be sure you are choosing a tenant that will pay on time and treat your place well. A friendly chat during a showing can help you feel good about your choice and start the landlord-tenant relationship on the right foot.

Choosing the Right Insurance

Your regular home insurance won’t cover a rental, so you’ll need special landlord insurance to protect against damage or if someone gets hurt. If your area is prone to flooding, add extra coverage to be safe. 

Insurance is like a safety blanket for your new investment, giving you confidence to enjoy a movie night without worry. Ask an agent to find a plan that fits your home and budget.



Handling Challenges Along the Way

Managing from far away can take too much time; MTD Property Management can step in to handle it for you, saving you phone calls. Not knowing the rules might lead to fines so it’s a good idea to spend a little time learning about the rules and regulations of your new role.

Sudden repairs, like a burst pipe or a malfunctioning HVAC unit, can pop up so you want to save a bit of extra money to prepare for these unexpected expenses. 



Taking the Next Steps

Start with one property to feel comfortable, visit if you can, or look at pictures online to stay connected. Talk to people nearby to hear what they like about the area; a quick coffee chat can give you great insights. It’s like starting a new hobby; you go slow, enjoy it, and watch it grow into something special. Take your time, and let this new role bring you some joy.

Bottom Line

Becoming an accidental landlord can be a fun surprise with the right steps. Checking your property, learning the rules, and organizing your money can turn it into a win. MTD Property Management is here to make it smooth and easy for you. Contact us today for help managing your unexpected rental property!