New Orleans Landlord Advice
We often hear from first time home buyers that they want to check out New Orleans doubles. After all, having an additional source of income to help pay the monthly mortgage is a smart choice, right?
We’ll live in one side and rent out the other
A little advice before you buy
It sounds like a fabulous idea. But you won’t just be renting out the other side of your property. You’ll become a…wait for it….landlord. And being a landlord is about as far from glamorous as you can get. So there are some things you need to consider before making that leap.
Do credit and eviction checks before choosing any tenant
Are there exceptions to this rule? Maybe if the tenant is going to be your mama. But everyone else should get credit and eviction checks. That really nice girl that waits tables at the corner restaurant? She may have been tossed out by her last landlord for not paying the rent or being a crazy cat lady in a no pets property. You need to know.
Be clear about the rules in your lease
You can’t rely on verbal agreements that there won’t be loud music after 10pm. Or waterbeds. Or aluminum foil in the windows instead of curtains. Or that your tenant won’t throw your place up on AirBnB to make some extra cash during Mardi Gras and Jazz Fest. Your lease needs to be very, very clear about what’s not allowed.
Have a plan for handling repairs
Unfortunately, you don’t get to just sit back, rake in the rent, and never have a worry. In addition to collecting rent each month, you need a nest egg for the inevitable repairs. And a plan for handling those middle of the night calls when the hot water heater decides to start leaking all over the floor. If you don’t want to deal with this stuff, we recommend hiring a good property management company, which will cost you about 10% of the monthly rent, plus the cost of repairs.
Know your rights
Evictions aren’t fun for anyone. But there may come a time when it’s necessary and it is important for you to know what to do. Illegally evicting a tenant can open you up to litigation, so be sure you know both your rights and responsibilities as a landlord.
Still interested? Check out these New Orleans doubles for sale today.