This Is How You Can Become a Landlord in Phoenix, AZ

This Is How You Can Become a Landlord in Phoenix, AZ

Lordy, lordy! Arizona's home costs have risen by 18% since September 2020. This is driving up demand for rental properties all throughout the state. 

If you want to make money without too much hassle, you should consider becoming a landlord. But good landlords don't rush onto the market. You need to study the process of how to become a landlord in order to develop your skills. 

What land should you be a landlord for? What laws affect landlord careers? How can you attract tenants to your property? 

Answer these questions and you can become one of the state's best landlords in no time. Here is your quick guide.

Buy a Piece of Property

You can start becoming a landlord as soon as you buy a piece of property. You can rent out an apartment, cottage, house, or land. Some people become accidental landlords, inheriting property from a relative. 

You should find a property that is within your financial budget and in good condition. It is okay to make minor repairs, especially to the exterior of your property. But you should make a return on your investment, and it should be in a good location.

Understand Landlord Laws

You must follow several laws, including the Residential Landlord and Tenant Act. You should have a copy of these laws on hand, and you should talk to a lawyer so you comply with them. 

You also must comply with all federal laws, especially anti-discriminatory laws. You cannot deny someone a housing opportunity based on their race, gender identity, or familial status. 

Determine Rent and Lease Regulations

You can charge whatever rent you want, but you shouldn't go too high. Take a look at what the value of your property is and how it compares to other properties in the area. You should also think about how big your property is and what special features it has. 

Landlord laws give you broad discretion for the lease. You can disallow pets, cigarette smoking, and loud music on your property. If you allow pets, you can charge additional fees in case they damage the property.

Advertise Your Property

You can attract potential tenants in several ways. You can print classified ads in the newspapers, which can help attract older tenants. You can use websites like Craigslist, which may help with younger tenants. 

You should start screening your prospective tenants as soon as they respond to your ads. Take a look at their employment and income history and run background checks to see if they have a history of evictions. Avoid background check mistakes like failing to follow up with your tenants.

Figure Out How to Become a Landlord

You must understand how to become a landlord before you buy property. You need to spend time looking at different properties, prioritizing ones in popular locations. Study the landlord laws with help from legal professionals. 

Draft lease agreements that follow the laws and give you the rental money you need. Then start advertising your rental property aggressively, letting different demographics know about it. Screen each tenant before you let them rent from you.

You're not alone in being a new landlord. The HomeRiver Group Phoenix helps new Phoenix landlords get off the ground. Contact us today.

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