Common Beginner Mistakes When Renting a Boise Home

Common Beginner Mistakes When Renting a Boise Home

Since housing prices are on the rebound, it is easy to see why some Boise homeowners are buying additional properties. Becoming a landlord offers the possibility of having a favorable cash flow situation.
Becoming a landlord means you have to make business decisions that carry some elements of risk as well as a reward. Make no mistake about it: renting a home in Boise is its own business enterprise. There are a number of common mistakes people make when renting a home in Boise. Below you will find avoidable first time landlord mistakes:
Fair Housing Violations
The moment you begin marketing your income property, the language that you use in your ad can easily run amuck of the fair housing rules that prohibit discrimination. Make sure to avoid phrases that single out any particular group or profile, such as “family-friendly,” “suitable for a couple,” or “singles only.” Violations can run up to six figures, so make sure your ad simply just describes the property and the neighborhood in generic terms — then always be prepared to accept the first qualified applicant who meets your terms.
Credit Report Mistakes
Another common mistake when renting a home in Boise is to fail to qualify applicants. Accepting credit reports supplied by the applicants themselves is a huge gamble. Always run all credit reports for yourself (including an eviction check for every applicant over the age of 18). You want to see the history of ALL applicants who will be living in your Boise income property.
Security Deposit Mistakes
When it comes to the security deposit, taking too much – or not enough – is another common first-timer mistake. If you get too little of a deposit you won’t have enough protection; too much, and you risk violating state regulations (with the possibility of jeopardizing your right to use any of the funds!).
Renting a Boise home can be an outstanding wealth-building venture, but you must take your responsibilities as a landlord seriously. If you are unsure about legal requirements, hiring a professional property management agency can just make good business sense. Pick up the phone and give me a call! I am here with recommendations for my clients on these and all other matters that accompany your Boise real estate opportunities.
A few homes below under $175,000 that were listed in the last seven days provided by IMLS/IDX:

Tags: , , ,

Leave a Reply

Your email address will not be published. Required fields are marked *

boise idaho land for sale, new homes boise idaho, houses in boise idaho, homes in boise idaho, mls boise idaho, mls listings boise idaho, for sale boise idaho, boise idaho realtor, real estate in boise idaho, property management boise idaho, mobile homes for sale in boise idaho, boise idaho realestate, boise idaho weather, real estate boise idaho, boise idaho, boise idaho homes, boise idaho real estate listings, home for sale in boise idaho, home for sale boise idaho, mobile homes for sale boise idaho, boise idaho real estate, boise idaho home for sale, homes for sale in boise idaho, home for sale owner, home on sale by owner, homes for sale by owner boise idaho, listing home for sale by owner, homes or sale by owner, how to find homes for sale by owner, homes for sale by owner in idaho, homes 4 sale by owner, owner homes for sale, find homes for sale by owner, homes sale owner, home for sales by owner, home sales by owner,for sale by owner homes, by owner homes for sale, homes by owner for sale, homes for sale owner to owner,boise homes for sale by owner, sale by owner homes, for sale homes by owner, homes sales by owner, for sale by owner home, homes for sale by owners,homes sale by owner, sale home by owner, homes for sale by owner boise id, homes for sale owner, boise idaho homes for sale by owner, home by owner for sale, home sale owner, home for sale by owner, idaho homes for sale by owner, owner to owner homes for sale, homes for sale by owner, homes for sales by owner, home sale by owner, home for sale in nampa idaho, nampa idaho real estate, homes for sale in nampa idaho, nampa idaho homes for sale, homes for sale nampa idaho, real estate eagle idaho, eagle idaho real estate, homes for sale in eagle idaho, eagle idaho homes for sale, homes for sale eagle idaho,