Miscues To Avoid When Renting A Camas WA Home

Dated: 06/19/2013

Views: 1352

With housing prices on the rebound, it’s easy to see why some Camas WA homeowners find buying an additional rental property an increasingly attractive possibility. Getting into the landlord business offers the appeal of a growth investment coupled with the possibility of a favorable cash flow situation.

That said, make no mistake about it: renting out a home in Camas WA is its own business enterprise. Becoming a landlord means making business decisions that carry elements of risk as well as reward. When renting out a home in Camas; there are a number of common — but avoidable — first-time landlord mistakes:

Fair Housing Violations

From the moment you begin marketing your Camas WA income property, the language in your ad can easily run afoul of the fair housing rules that prohibit discrimination. Avoid phrases that single out any particular group or profile, such as “family-friendly,” “suitable for a couple,” or “singles only.” Since violations can run up to six figures, make sure your ad simply describes the Camas WA rental property and the neighborhood in generic terms.

Credit Report Mistakes

Another common mistake when renting out a home in Camas WA is to fail to adequately qualify applicants. Today, accepting credit reports supplied by the applicants themselves is a gamble. Run credit reports 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 Camas WA income property.

Security Deposit Mistakes

When it comes to the security deposit, taking too much – or not enough – is another common first-timer misstep. Too little and 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!). Being a landlord of a Camas WA home can be an outstanding wealth-building venture, but your responsibilities as landlord must be taken seriously. For anyone unsure about legal requirements, hiring a professional property management agency can make good business sense. I’m here with recommendations for my clients on these and all other matters that accompany your area real estate opportunities.
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Julie Baldino - Owner-Managing Broker

Julie Baldino is a seasoned veteran of the Pacific Northwest real estate industry, and has consistently been in the top 10% in sales for over a decade in 2 states. In order to accommodate a rapidly ex....

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