It's a good time to invest in a condo in South Florida, especially if you plan on leveraging this property through renting. But like any large investment, it requires careful planning and managing. From real estate authority, Zillow, here are the top tips to successfully rent out condos.
- Have the Right Documentation: All stipulations should be in the signed lease agreement. If you obtained a lease document that does not include items such as pet policies, late payment fees or other property management requirements, make sure these are clearly outlined in separate documents that are signed and dated at the time of the lease.
- Create a Screening Process: Ensure that you pick a good tenant that will pay rent on time by requiring a background and credit check before.
- Know Fair Housing Laws: Avoid any legal trouble by knowing the fair housing laws for the state of Florida, and be sure to provide reasonable evidence for the rejection of any renter applications.
- Obtain the Right Insurance: Homeowners insurance will not provide you full coverage; acquire landlord insurance coverage to protect your investment.
Florida investors looking to purchase a condo in Palm Beach, Boynton Beach, Delray Beach, Boca Rota, Port St. Lucie or other localities can contact Lang Realty at 866.733.2214. Begin browsing our available condos for sale at LangRealty.com.