With the rapid increase in New Orleans rents, it’s worth taking the time to do it right as a landlord to protect your interests in your investment property.
5 Tips for Landlords in New Orleans
- Be sure all maintenance has been completed before leasing the property. It makes it easier to find good tenants when your property is in great condition.
- Don’t skimp on photos just because it’s a rental. The better the photos you use in advertising your rental, the more qualified applicants you’ll have to choose from.
- Have a screening process in place to verify income, get credit and background checks, and previous landlord references, but don’t violate fair housing laws.
- Update your lease to include any changes necessary to protect yourself, including any behaviors that result in eviction of a tenant. If it’s not in writing, it’s not enforceable.
- Establish a bank account to track expenses and income from the property. While we don’t provide tax advice, it’s always a good accounting procedure to keep income property funds in a separate account that details all income and expenses.