Chris Gmyr

If you are considering taking advantage of the buyers’ market and purchasing a rental home, or if you have recent made the move from home owner to landlord, you’ve no doubt realized by now the work that lies before you. You need to develop a plan, and that plan needs to include the best ways to keep your investment in great shape, without too many expenses.

First, buy insurance. If anything happens, you need to be covered. It’s not always fires that you need to be concerned about; sometimes accidents happen, and you don’t want to get caught holding the bill.  You should also take some basic measures when screening possible tenants. Ask for contact information for previous landlords. You also have the right to ask for proof of income.

Have a written plan for repairs. Are there some things (such as repairing leaky faucets) that tenants can do themselves? What can they absolutely not do? If they do a repair on their own, is there a reimbursement plan for parts and the time they put into the repair? There aren’t any right or wrong answers; you need to decide what you feel the most comfortable with. Do you want to be called for every little problem, or would you rather risk a poor repair job that costs more down the road? Most landlords find a happy medium between the two options. You should also have a written agreement for painting and other possible small changes.

Consider your pet policy carefully. A lot of landlords are also responsible pet owners. When you take care of your pets, and keep your home clean, you might not realize the amount of damage that a pet can do. Many landlords don’t allow pets, especially if they are renting nicer apartments. It can take significant effort to get a cat or dog smell out of a home. If you choose to allow pets, ask for a reasonable pet deposit, or require a small payment each month in addition to the cost of rent. While it is important to make sure you’re covered in the case of damage, make sure you aren’t making your tenants overpay. One option is to keep part of the monthly pet payment aside, to return with the deposit if the property is kept in good condition, with little sign of the animal(s) that were living there. That keeps the tenant invested in the care of the property, and covers you in the case of significant damage.

After a tenant leaves, inspect the property carefully before finding a new tenant. It is easier to do a quick inspection, and then rent the property out again as soon as possible. However, you might miss some problems that need to be taken care of. Check everything. Looked for cracked glass (not always the prior tenants fault—smaller planes of glass can shift and crack in the cold Central NY weather), make sure outlets are safe, and check the plumbing for leaks. The sooner you catch problems, the easier they are to repair.

Most importantly, be a hands-on landlord. You’re not only looking for potential problems—you’re building relationships. If you have hired someone to take care of the property in your place, and if they will be the person tenants are expected to go to with problems, have that person visit the property often.

If your tenants feel comfortable talking to you (or your caretaker), they are more likely to call when there is a problem. They are also more likely to take good care of the property, pay rent on time, and contact you if there will be a problem paying that month.

Buying a rental property is a huge decision. Once you have decided to get involved in investment property, you are suddenly faced with a lot of new responsibilities and challenges. There are also a lot of rewards to becoming a Syracuse landlord. With the low home prices and reduced mortgage rates, this could be one of the best times to get started.