How Accidental Landlords Can Avoid Two Common Mistakes
by David Crown
Ownership of property might seem like something that can only happen through careful planning, but as a property manager in Los Angeles, I get calls all the time from folks who’ve become landlords through unplanned scenarios. Maybe a family member has passed away and willed them a property. Maybe they wanted to sell their home but couldn’t fetch the right price for it, so they had to rent it out until the market improved. Just today, we got a call from an owner whose property had been declared a historic landmark, so he couldn’t remodel it to sell at the price he had hoped. Regardless, what they share in common is that they’ve come into possession of rental property without having studied or prepared for becoming a landlord.
It’s possible for a new rental owner to find a natural knack for management and decide to devote their time to managing their own properties. But for the uninitiated, this article will lay out the two most common mistakes accidental landlords make managing their own property — and how to avoid them.