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How to Become a Landlord

How to Become a Landlord

How to Become a Landlord

Investing in a rental property can be a great way to generate income each month while building your real estate investing portfolio. However, knowing how to be a landlord often requires previous experience, which you may not have as a first-time landlord.

We outlined 10 steps to becoming a landlord and provided a first-time landlord checklist to help guide you through the process.

1. Determine If You Need an LLC for Your Rental Business

Although a limited liability company (LLC) is not required to successfully manage a rental property, it helps limit your personal liability and separate your rental income from your personal income. However, creating an LLC for your rental business comes with both pros and cons, which is something to be fully aware of early on.

Since LLCs are regulated at the state level, the process of creating one will vary depending on where your rental property is located. To further understand how to create an LLC in your state, you can visit your Secretary of State website for more information.

If you’ve decided having an LLC is beneficial for your business, you can then move on to create a separate business bank account to store security deposits, rent payments, pet fees, and more.

2. Purchase a Rental Property

To become a landlord, you’ll need to purchase an investment property that tenants can rent out. Trusted house hunting websites for first-time homebuyers that can help you find nearby properties that not only fall within your budget but can help you generate income over time.

There are three main types of properties you can purchase — a single-family home, a condo, or multi-unit building. Each type of property varies in the amount of maintenance it’ll require, how much you’ll need to budget for, and how much profit it can generate from rent payments. For landlords beginning their real estate investing journey, it’s advised to start with a single-family home or condo to gain experience as a landlord before moving to multi-unit buildings.

3. Get a Rental Registry

Similar to creating an LLC, certain counties require landlords to register their rental property with the city to begin renting out their property to tenants. Commonly referred to as a rental registry, you may be required to submit information to your city government, such as the address, name of the ownership, your contact information, and the operating manager.

You can research local rental rules in your area to see if you need to allocate time to complete this step before listing your rental property.

4. Prepare Your Finances

Managing a rental property means handling sudden maintenance requests and repairing damage before and after a tenant moves in. There could also be circumstances where a tenant is unable to make their rent payment, so you’ll want to have money set aside to cover the mortgage payment or any additional fees associated with your property.

Common operating expenses to prepare for are:

  • Mandatory inspections and annual registration fees
  • Property and rental income taxes
  • Landlord insurance
  • Maintenance and repairs
  • Mortgage and utility payments
  • Tenant screening fees

The amount you’ll end up paying each year will vary depending on where your property is located, so it may be best to do some research prior to finding tenants.

5. Understand Landlord-Tenant Laws

The key to avoiding legal situations during the rental process is by understanding and being aware of local landlord-tenants laws in your area. These laws have been created to protect both landlords and tenants, and must be followed at all times.

You must also be aware of federal Fair Housing laws and local ordinances when finding tenants for your property, since failing to comply can also land you in court — or worse, being forced to shut down your rental business. It’s also important to note that you should regularly check local landlord-tenant laws once you’ve launched your rental business to be aware of any major changes.

6. Purchase Landlord Insurance

Landlord insurance is intended to protect your rental property from any structural damage and help cover various associated costs. You can check with your current insurance provider for coverage options or find reputable providers that can help cover your investment.

Since landlord insurance only covers your property, tenants should take out renters insurance to ensure their belongings are also protected.

7. Get Your Property Move-In Ready for Tenants

All states require rental properties to be livable and safe for tenants to live in. Before the tenant moves in, it’s important to fix any issue that could impact their renting experience or violate local regulations, such as having faulty smoke and carbon monoxide detectors installed.

Some landlords also hire a cleaning company to deep clean the property before the tenant moves in, but you can also clean the property yourself.

8. Determine Your Rent Price

One of the most stressful parts to becoming a landlord is setting a rent price that’s considered fair, while still allowing you to generate a profit each month. There are two ways to determine your rent price — you can search for local rental listings to see how much landlords are charging for similar rentals or you can contact one of our residential Property Managers here at Bardell Real Estate. It’s important to keep your price fair for your area to avoid setting too high of a rent price, which can deter prospective tenants from applying.

9. Maintain Your Rental Property

Your rental property will naturally experience wear-and-tear the more it’s rented out, so it’s important to perform regular maintenance to avoid major repairs. You may want to clean the gutters, service HVAC units, or perform pest control throughout the year to ensure it’s a great environment for tenants to live in.

10. Find a Local Community of Landlords

If you’re beginning your journey as a DIY landlord, it’s important to find a local community of landlords that can help answer any questions you may have. There you can see what other landlords are asking, learn tricks and tips to managing your property, and connect with people near you to create a community of fellow professionals.

 

Looking for an Experienced Residential Property Manager?

If you have a home to rent in the Orlando area be assured there is no substitute for experience. Covering Clermont, Winter Garden, Windermere, Dr Philips, Kissimmee, Davenport, Champions Gate, Hunters Creek and Haines City. We remain focused on this greater Orlando area to ensure we are able to provide outstanding service to our Clients without sacrificing performance. Looking for an experienced residential Property Manager in the Orlando area with a demonstrable track record – look no further. Or Call us at (836) 424-2309

Source

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

How Does Eviction Work?

How Does Eviction Work?

How Does Eviction Work?

Going through an eviction isn’t an ideal outcome for landlords or their tenants. Surprisingly though, the eviction process is more common than you think — according to the U.S. Federal Reserve, roughly 3 million non-homeowners were evicted or forced to move due to the threat of eviction between 2016 and 2018.

While some evictions are unavoidable, there are best practices that landlords should follow to rent responsibly and prevent evictions altogether, including properly screening tenants and signing lawyer-approved, state-compliant lease agreements. Here’s what every landlord needs to know about the eviction process.

What Is an Eviction?

People often associate the word “eviction” with the physical act of the tenant being expelled from a rental property. In actuality, an eviction is a lengthy legal process. This process starts with an eviction notice, frequently in the form of a Pay or Quit Notice, and if necessary, culminates in an Unlawful Detainer, which is carried out by local law enforcement.

According to TransUnion, the average eviction-related cost to landlords is approximately $3,500, and an eviction can take as long as three to four weeks to complete. When comparing this cost to the low price of tenant screening, the results speak for themselves — thorough tenant screening is a less expensive and time-saving alternative. Using a lease agreement that’s already been reviewed by lawyers can also ensure both parties are aware of the processes set in place in the case of an eviction.

Before initiating the eviction process, it may be worth discussing options with tenants directly. Finding a solution before going to court may save significant time and money in the long run, and ultimately, most tenants don’t want to be evicted, since a legal eviction will be reported against the tenant for seven years. When possible, it’s in the best interest of both landlords and tenants to come to an agreement together.

What Are the Steps in the Legal Eviction Process?

To help you know how to break a lease as a landlord, we outlined four steps to take that can help make the eviction process go smoothly.

1. Pay or Quit Notice

A Pay or Quit notice is designed to provide tenants with a formal warning that they are in violation of the lease. This will provide the tenant with specific instructions to comply with their lease and advise the number of days allowed before an eviction is brought to court.

As a landlord, it is best to provide a Pay or Quit Notice (sometimes called a Pay or Vacate Notice) by certified mail. This ensures that there is a legal record of the date that notice was provided. It is common practice to post the notice of eviction to the door of the property, but this should only be done in addition to sending the notice by certified mail.

When going through an eviction, it is of the utmost importance to act professionally and to comply with state and federal laws. Before providing an eviction notice, check the laws for your state to confirm the number of days required for notice and confirm there are legal grounds for eviction. If the legal grounds for eviction are met, you can move to the next step of creating a state-specific eviction notice.

2. Eviction Forms and Filing

After a Pay or Quit notice is served, the tenant has a specific number of days to comply with the lease or vacate the property. If the tenant fails to comply within the provided notice period, then an eviction may be filed against the tenant through the courts.

Filing a Forcible Detainer to remove the tenant requires the following forms:

  • Eviction complaint: This form starts the eviction case.
  • Summons: This informs the tenant about the eviction case.

These forms are to be filed with the court clerk and to be delivered to the tenant through the local sheriff’s office. You can also check the resources provided by the local clerk’s office to see if there are options for filing online. 

As a tenant, if you are served with an eviction summons, be sure to follow the instructions for the summons and check the tenant rights for your state. These are designed to help tenants follow the law and provide protection against any unlawful practices by the landlord.

When an eviction is filed through the court, a judge will review the documentation related to the case and issue a ruling. To help prepare for this step, it is best to have a copy of the signed lease, a record of all payments, and a record of any relevant communication between the landlord and the tenant.

Although Avail cannot act as a legal counsel, the platform is designed to help keep landlords and tenants organized with all necessary documentation stored in one place. This includes: 

  • Applications saved with the legal name, date of birth, and identification of the tenant.
  • Legally-binding state leases that have been reviewed by lawyers with time-stamped signatures.
  • Online payments recorded with corresponding receipts and late rent notices.

Be sure to prepare for the eviction case by gathering all corresponding documentation for the judge or the jury. After all relevant parties have made their case, a judgment will be issued. This defines the requirements for any money owed, and if applicable, instructions for the expulsion of the tenant.

3. Judgment

The final step in the eviction process is the removal of the tenant and their belongings from the property. Even after an eviction has been awarded to the landlord, harassment or intimidation is absolutely unacceptable and illegal. If the tenant refuses to leave the property voluntarily, then a court order may be brought to local law enforcement to remove the tenant.

Individual states have different requirements for removing a tenant’s personal belongings. Some states require items to be removed through the court process, while other states give landlords free-reign after the property has been vacated. Check your state requirements before removing a tenant’s personal property.

4. Preparing For New Tenants

It’s worth noting that not all evictions are finalized with the court ordering a Forcible Detainer of a tenant. Throughout the court proceedings, the tenant may agree to comply with an alternate order. Examples of these include an Agreed Move-Out and Compliance, Dismissal with Leave to Reinstate, or a Pay-and-Stay Agreement. These options are generally better for both the landlord and the tenant, because they result in the landlord receiving payment and the tenant having the option to stay in the property.

It’s important to note that some circumstances will add additional steps to the eviction process. Legal representation may be useful to understand the requirements of a particular case.

Some circumstances that may affect or lengthen the eviction process are the following:

  • Accepting partial or full rent payments will negate the eviction process.
  • If the tenant declares bankruptcy, the eviction process is put on hold until bankruptcy proceedings are finalized.
  • Once the tenant has moved out, the landlord typically still has to prepare the property for turnover to the next tenants. Depending on any potential damage caused by the evicted tenant, this could take additional time, and sometimes lead to additional lawsuits.

Evictions can be costly, and due to the variables that can affect the length and outcome of the eviction process, it’s always best to avoid evictions in the first place.

How Much Does an Eviction Cost?

There are quite a few costs associated with evicting a tenant, including attorneys fees, court costs, lost rent, turnover costs, and property damages. As mentioned previously, the cost to break a lease is approximately $3,500.

Even if a landlord wins a financial judgement against the tenant, many landlords are still unable to collect payment from those tenants. According to the American Collectors Association, the success rate for debt collection after an eviction is only 17%.

How Long Does an Eviction Take?

Along with the high cost of an eviction, the process can take weeks to complete. An eviction typically takes from three to four weeks to run its course, but is dependent on your state laws, the specific eviction case and other factors.

 

 

 

Renting a Home through RE/MAX Heritage

If you are looking for a home to rent in the Orlando area we are here to help. As a full-service real estate office licensed to conduct long-term rental activity we are capable of meeting all your needs for long-term leasing.

Learn More!

or call us at (863) 424-3209

 

 

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

Making Money Renting Out Property

Making Money Renting Out Property

Making Money Renting Out Property

There are various benefits of investing in real estate, such as generating passive income to qualifying for tax advantages. But renting out a property requires more than finding tenants — you’ll also need to find investment properties with great amenities and handle the different parts of the renting process.

That’s why we outlined how to make money renting out a property and tools that can help you as a landlord.

How to Make Money Renting Houses

Having a plan in place before renting out your house can ensure you’re not spending too much time managing your finances and tenants. Here are six tips on how to make money renting out houses.

1. Purchase an Investment Property

If you’re not planning on renting out your house, then you will need to buy your first rental property. There are different ways to finance rental properties, each of which have their own set of requirements and eligibility guidelines.

Once you’ve determined how you’ll finance your investment property, you can work with a Realtor or explore house hunting websites that show available properties near you. When looking at properties, it’s important to pay attention to the following factors:

  • Property taxes: Property taxes can vary by location, with some places having higher taxes than others. Tax rates can also vary throughout the year, so it’s advised to look at properties with a consistent history of low property taxes.
  • Local demand for rentals: Properties in areas with a high demand for rentals can make it easier to fill your property compared to areas that have more for-sale properties.
  • Amenities: Properties with great amenities have a higher chance of attracting tenant interest and can make it easier to charge more in rent.

The key to making money from a rental is finding properties with promising rates of return that offer great benefits to tenants.

2. Determine Your Operating Expenses

Managing a rental property comes with operating expenses that need to be covered on both a monthly and annual basis. Examples of operating expenses to prepare for are advertising costs, your mortgage payment, maintenance, landlord insurance, property taxes, and landlord software fees. To make money from renting out a property, it’s important to have enough money coming in from rent payments to cover costs and reduce out-of-pocket expenses.

The total amount of your monthly operating expenses can help you determine how much to charge in rent to cover costs.

3. Find Reliable Tenants

When you rent your property to reliable tenants, you’re less likely to avoid expensive property damage or costly eviction fees. To find great tenants, it’s advised to get your rental listing in front of as many tenants as possible and implement a solid tenant screening process.

Most landlords use a rental application and tenant screening reports to find the best tenant for their rental, but check your local landlord-tenant laws for screening restrictions. Some states do not allow landlords to check a tenant’s criminal history or conduct a background check, while others have fewer restrictions.

4. Reduce Tenant Turnover

Being an awesome landlord is one way to retain great tenants and reduce tenant turnover costs. But when a tenant decides to move out, you’ll need to find new tenants and prepare the space before the next move-in date.

Not being able to retain tenants can result in growing expenses to find and move in new tenants or a vacant rental. To avoid this from happening, establish a positive relationship with your tenants, allow them to pay rent online, and handle maintenance requests right away.

Are Rental Properties a Good Way to Make Money?

Rental properties can be a great way to generate income, so long as your operating expenses aren’t too high and your rent price is competitive. Rent payments, security deposits, move-in fees, and pet fees can also help cover your monthly expenses and leave money left over to save for future costs.

 

Looking for an Experienced Residential Property Manager?

If you have a home to rent in the Orlando area be assured there is no substitute for experience. Covering Clermont, Winter Garden, Windermere, Dr Philips, Kissimmee, Davenport, Champions Gate, Hunters Creek and Haines City. We remain focused on this greater Orlando area to ensure we are able to provide outstanding service to our Clients without sacrificing performance. Looking for an experienced residential Property Manager in the Orlando area with a demonstrable track record – look no further.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

How Much Should Rent Increase Per Year?

How Much Should Rent Increase Per Year?

How Much Should Rent Increase Per Year?

When managing a rental property, you’ll need to regularly adjust your rent price to remain competitive and fair for your area, as well as cover rising costs of rental property ownership. But it’s important to know what factors and laws to consider if your state limits how much rent can increase per year. 

We outline when landlords can (and can’t) raise rent, how much rent should increase per year, and how to determine a new rent price. 

When Can a Landlord Raise Rent? 

Landlords can raise the rent price when presenting lease renewal options, month-to-month leases, or when searching for a new tenant. However, some states place rent increase limitations that can influence how much you can raise rent by, especially if renting to tenants that receive housing assistance or Section 8 vouchers. 

States may also require you to provide a Rent Increase Notice informing tenants on how much rent will increase once the lease term ends. For that reason, it’s advised to refer to local landlord-tenant laws before changing the rent price. 

When Can a Landlord Not Raise Rent?

Depending on the state, there may be instances where you cannot raise rent. Examples of scenarios that do not allow landlords to raise rent are the following:

  • The new rent price would exceed the threshold listed in rent control laws for your state
  • An existing fixed-term lease has not expired 
  • You did not provide a Rent Increase Notice when presenting lease renewal options
  • Your lease agreement states the rent price will not increase if renewed for another term
  • Your property is considered a rent-controlled property
  • The rent increase is in retaliation of your tenant
  • The rent increase is construed as discriminatory and violates the Fair Housing Act

How Much Can Rent Be Raised?

The amount rent can be raised each year will depend on your state, so first refer to your local landlord-tenant laws. But according to the latest findings in our Quarterly Landlord and Renter survey, nearly half (45.8%) of landlords expect to raise rent anywhere from 5% to 10% to cover the rising cost of rental property ownership. 

While it’s common for landlords to increase rent each year, it’s important to consider local ordinances, seasonality, local rental comps, and the current state of the rental market to avoid increasing the price too much. So even if some landlords increase their price by a certain percentage each year, it’s advised to determine what’s best for your rental.

How to Determine New Rent Price for Your Rental

If your state allows landlords to increase rent without any restrictions, the next step is determining your new rent price will be for your rental. Here are three steps to guide you along the process. 

1. Review Your Operating Expenses

Calculate the total amount of your operating expenses each month to see how much you need in rent to avoid paying them out of pocket. Operating expenses consist of costs that impact the day-to-day operations of your rental business. Examples include your mortgage, property taxes, Homeowners Association (HOA) fees, utilities, depreciation, landlord software fees, and more. 

This number can also serve as a guide to determine how much you need to generate a profit and cover your expenses each month.

2. Consider the Current Condition of the Rental Market 

The rental market is constantly changing, which is why it’s important to stay informed on recent changes to rent prices and how it’s impacting tenants. Our latest Quarterly Rental Market report found that nearly three-quarters (72.9%) of renters that saw their rent increase since moving into their current residence are considering moving to a more affordable residence. If you’re finding yourself in a similar situation, then it may be worth limiting how much you increase your rent to avoid driving away good tenants or long vacancy periods. 

On the other hand, if you find the local demand for rentals has recently increased, then this can give you more room to increase your rent price. 

3. Research Local Rental Comps

Researching local rental comps can help you see what other landlords are charging in rent for similar properties. Seeing what other landlords are charging can provide a benchmark as to what the average rent price is for similar properties. You can then decide if you want to charge more or less than the average rent price, depending on what you think is best. 

How to Communicate Rent Increases to Tenants

When planning to increase rent, it’s important to provide a Rent Increase Notice to inform your tenants on changes to rent. Some states also require landlords to provide a notice within a certain timeframe to avoid breaking local landlord-tenant laws. In addition to providing a notice, you can also contact your tenants directly to get their feedback on the new changes. 

What to Do If Tenant Negotiates New Rent Price

It’s common for tenants to negotiate the new rent price, especially if they’re hoping to renew the lease for another term. It’s your decision whether or not the price can be negotiated, but allowing tenants to negotiate can establish good landlord-tenant relationships and result in an agreement both parties are happy with. 

However, if you do not want to alter the new rent price, then the tenants will need to notify you if they accept the new price or will move out once the lease expires. 

 

Looking for an Experienced Residential Property Manager?

 

If you have a home to rent in the Orlando area be assured there is no substitute for experience. Covering Clermont, Winter Garden, Windermere, Dr Philips, Kissimmee, Davenport, Champions Gate, Hunters Creek and Haines City. We remain focused on this greater Orlando area to ensure we are able to provide outstanding service to our Clients without sacrificing performance. Looking for an experienced residential Property Manager in the Orlando area with a demonstrable track record – look no further.

Or call us today to find out more! 863-424-2309

 

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

How to Calculate ROI on a Rental Property

How to Calculate ROI on a Rental Property

How to Calculate ROI on a Rental Property

Buying a rental property is a great way to generate passive income, qualify for tax advantages, establish home equity, and more. But to generate income, your rental property needs to provide a good return on investment (ROI) or you may find yourself investing too much money with little to no reward.
 
There are different ways to calculate ROI for your rental property, so it’s important to determine which calculation makes the most sense for your rental. We outline how to calculate ROI on a rental property and better understand what factors can influence a rental property’s profitability.
 
 

What Is ROI on a Rental Property?

 

Return on investment is a percentage that measures the profitability of your rental property based on how much income it generates versus the costs to maintain. Different factors can affect ROI, such as the property type, how much rental income you make, the total operating expenses, and mortgage details.
 
It’s advised to calculate ROI throughout the year to better understand the performance of the property in terms of profitability. If you find that your rental is gradually declining in profits, then it’s important to understand which factors are impacting performance. This could be due to charging too little in rent or spending too much in operating expenses for a specific rental.
 
 

How Can I Calculate ROI on My Rental Property?

 

There are three methods to calculate ROI: the simple ROI calculation, capitalization rate (or cap rate), and cash-on-cash return. The initial amount of money borrowed and financing method to purchase an investment property will influence the type of calculation you’ll want to use to calculate ROI. For example, the cash-on-cash return calculation can be used when a mortgage or other loan was used to purchase the property, while the cap formula may be helpful for properties paid in cash.
 
For rental properties, ROI is typically calculated by subtracting your annual rental income from annual operating costs. Divide that number by the mortgage value (or how much still needs to be paid on the loan) to calculate ROI.
 
ROI = (Annual Rental Income – Annual Operating Costs) / Mortgage Value
 
This is a simple calculation that can provide an estimate of your investment gains and losses (if any). Other formulas you can use include cap rate, which looks like the following:
 
Cap Rate = Net Operating Income / Purchase Price × 100%
 
The formula for cash-on-cash return is as follows:
 
Cash-on-Cash Return = (Annual Cash Flow / Total Cash Invested) × 100%
 
There are different methods to calculate ROI, so it’s important to determine which method makes the most sense for your rental. If you prefer to use a financial calculator, you can use the Avail Rental Property Calculator to get cap rate, cash-on-cash return, and more financial outputs on your rental property. The results of the rental can be exported into a spreadsheet to further customize or reference in the future.
 
 

What Is a Good Rate of Return on a Rental Property?

 

A good rate of return on a rental property will vary depending on where the rental property is located, how much you charge in rent, the cost to manage your rental, and your financing method to purchase the rental. A good ROI also depends on the goals for your rental business, which is something you’ll need to determine. However, most investors aim to have an ROI that is at or above 10%.

Looking for an Experienced Residential Property Manager?

If you have a home to rent in the Orlando area be assured there is no substitute for experience. Covering Clermont, Winter Garden, Windermere, Dr Philips, Kissimmee, Davenport, Champions Gate, Hunters Creek and Haines City. We remain focused on this greater Orlando area to ensure we are able to provide outstanding service to our Clients without sacrificing performance. Looking for an experienced residential Property Manager in the Orlando area with a demonstrable track record – look no further.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

How to Create a Rental Resume

How to Create a Rental Resume

How to Create a Rental Resume

How to Create a Rental Resume

Finding rentals that meet your criteria is one step, but getting your application in front of the competition is becoming a common part of the apartment search process. There are a few ways you can increase your chances of landing your preferred rental in a competitive market, including by creating a rental resume that shares an overview on who you are, your renting history, and more.

In this article, we outline what a rental resume is and how to easily create one yourself.

 

 

What Is a Rental Resume?

A rental resume is similar to a resume you’d create when applying for a new job that gives landlords an overview of who you are, your rental history, income, and employment. While it’s not common for landlords to request a rental resume, providing one to a landlord can help you stand out in a competitive market and show you’re serious about renting their property.

What to Include in a Rental Resume

Unlike traditional resumes, rental resumes are intended to include relevant information on your rental history, how much income you make, and where you currently work. You can customize your resume to your liking, but it should generally include the following sections.

 

 

 

 

1. Your Contact Information

As a best practice, include your contact information at the top of the document for the landlord to find. Your phone number, email address, and current address should be in an easy-to-find spot on the document for the landlord to see.

2. The Type of Rental You’re Looking For

Adding an objective section is optional and can highlight the type of rental you’re looking for, if you own any pets, or other factors the landlord should be aware of. You can also mention your desired price range for rent, but most renters are advised to only apply to properties they can afford. Here’s an example of an objective statement to include:

“I am looking for a one bedroom and one bathroom rental property that offers a 12-month lease term option. I’m currently based in Downtown Houston, but I’m looking to relocate to the north suburbs for my current employment. I own one pet, a cat named Sunshine, that has all of her vaccinations and is registered with the city. I have a strong history of making on-time rent payments and always escalate maintenance issues right away.”

3. Your Background

Your background section should quickly inform the landlord on who you are, your rental background, a brief description of your employment history and if you’re currently a student. There are other pieces of information you can also add (like hobbies you enjoy), but it should be relatively brief with important details that relate to renting.

4. Your Current Employment and Income

During the rental application process, the landlord will most likely request information on your employer and income. A rental resume will not replace an online rental application, but it can give the landlord an idea on your employment history and if you meet the income requirements. As a reminder, most landlords require you to make at least three times the rent, so you’ll want to ensure you meet the criteria before submitting an inquiry.

Landlords will also want to verify the information you provide is correct, so it may be helpful to include your supervisor’s contact information if they’re okay with it. Since rental resumes are one page, most renters include their current employer only.

5. Your Rental History

Your rental history consists of previous properties you rented individually or with roommates. You can highlight the lease start and end date, the landlord’s contact information, how much you paid in rent, and why you left the rental.

If you were previously evicted or needed to break the lease, you can also include more information on both types of incidents to help the new landlord understand what happened.

6. References

The reference section can include a landlord reference, a credit reference, or a character reference to speak on your behalf. Including references could be beneficial if you have a short renting history or are unable to authorize screening reports with a social security number (SSC) or individual taxpayer identification number (ITIN).

However, it’s best practice to only include people or credit institutions that are willing to speak with the landlord.

7. Additional Documents You’re Willing to Provide

Documents you can attach to your rental resume can be landlord letters of recommendation, bank statements to verify your income, or pay stubs. These documents can be whatever you’re comfortable with sharing or feel can strengthen your rental resume.

 

Renting a Home through RE/MAX Heritage

If you are looking for a home to rent in the Orlando area we are here to help. As a full-service real estate office licensed to conduct long-term rental activity we are capable of meeting all your needs for long-term leasing. Learn More!

or call us at (863) 424-3209

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.