Boise, ID, has a flourishing residential rental market, making it a good choice for property investors wanting to diversify into residential rentals. The city is popular among young professionals and families alike and has seen significant growth in recent years.
Real estate in Boise is also well-priced, making it an attractive option for first-time investors, too.
Once they've found the perfect investment home, the question on every inexperienced real estate investor's mind is, 'What next?' Keep reading to find out.
Learn Local Laws
Idaho does not require landlords to have a license or permit to rent out their properties. It's important to familiarize yourself with the state's prevailing landlord-tenant laws.
Understanding these laws ensures you stay out of trouble and helps you meet your responsibilities as a landlord to maintain positive relationships with your tenants.
Prepare Your Investment Property
Go through your property carefully and check for any maintenance issues. Idaho ID Code § 6-320 states that you must provide your tenants with habitable and safe accommodations from day one.
Be sure that you meet all the requirements set out in this legislation. It's a good idea to take care of some routine maintenance and any desired upgrades before you list your rental property, too.
You can charge more rent for a neat, well-maintained property with desirable amenities.
Implement Real Estate Investor Protections
Any home represents a considerable financial investment, and you must protect it with relevant insurance coverage. When you allow tenants into your home, you'll need even more coverage.
Landlord insurance helps you pay for the following in the event of any mishaps:
- Structural damage due to weather incidents or fire
- Rental costs if your tenants are forced to move due to damages
- Liability claims
- Damages to personal property such as furniture
When you hire a property manager, they may offer additional assurances to protect you from eviction costs and damage caused by tenants.
Compare Prices and Market Your Property
Once your property is prepared and protected, you must carry out considerable research before deciding on a rental amount. Take a look at similar properties in your area to determine a fair rental amount.
While you must cover your costs, you must keep your prices in line with what tenants are paying in the area. If you charge too much, you won't attract many prospective tenants.
When you've settled on a price, you should investigate where to list your property online. There are several far-reaching residential websites to try, and you can also use social media to market your property.
Take time to compile an appealing listing for the home and arrange for professional photographs to help your listing stand out.
Get Started on the Right Foot
The best first step for any real estate investor is to hire a property manager. These professionals will ensure you're compliant with local laws, help with property marketing, and ensure your investment stays in the best condition.
Next Step Realty Management can assist you with every part of your investment journey. Our services include tenant screening, rent collection, and property maintenance.
It's your move; make the right choice for your Boise, ID, property today.