Renting out a Chula Vista property requires a lot of paperwork and documentation. It’s not only about staying organized – it’s also about protecting yourself and your investment.
These are some of the most important documents you’ll need as a landlord. We recommend creating both digital and paper files. You never know where you’ll be when you have to quickly access something.
1. Your Tenant’s Rental Application
The application is what helped you decide to rent your home to your tenant. It contains a lot of your tenant’s personal and financial information, so you need to keep it in a safe place. Make sure you have blank copies or templates of the application as well in case they want to move in a roommate who will need to be screened.
Most applications also include an emergency contact for your resident. Make sure you can quickly access that contact information in case something goes wrong and you need to get in touch with someone close to your tenant.
2. Your Lease Agreement
Every potential conflict, dispute, and question during the lease period will require a careful review of the lease agreement that you and your tenant signed. You’ll need to access the lease if there’s a misunderstanding about who is responsible for maintenance or landscaping. You’ll need the lease if a tenant is late with rent and you need to charge a late fee. It will be required in court if you have to evict a tenant. The lease is a critical document. Both you and your tenant should easily be able to reference it when necessary.
3. Move-In Inspection Report
Before a tenant moves into your Chula Vista rental property, you’ll need to conduct a careful and detailed inspection to document the condition of the property. This can help you avoid problems later if you and the tenant have a dispute over damages to the home during the course of the tenancy. Take photos and even videos. Make sure your notes are clear and specific.
4. Move-Out Inspection Report
After your tenant vacates the property, you’ll conduct another inspection. The move-out inspection report should also include photos, notes, and videos. It will allow you to see and compare the condition of the property before a tenant took possession and after they moved out. This will be absolutely essential if you’re keeping part or all of a tenant’s security deposit.
5. Offer for Lease Renewal
Calendar when your tenant’s lease is scheduled to renew.
About two months before the end of the lease term, you’ll want to send a letter offering that tenant a lease renewal. It should include the date that the lease ends, any new terms to the renewed lease agreement, such as an increase in rent, and the date by which your tenant needs to respond.
6. Accounting Statements and Tax Records
Taxes are never going away, and the more organized and prepared you are, the less stressful tax time will be.
Keep detailed records and statements that document your income and expenses from the previous twelve months. Track your expenses for things like advertising, legal fees, mortgage interest, maintenance, and Chula Vista property management. These are deductions you’ll be able to take, so you’ll want to have those numbers easily accessible when you’re filing.
These six documents need to be easily accessible, whether you’re in your office or on the road. We know keeping yourself organized and efficient can be difficult, so why not talk about the benefits of professional Chula Vista property management? Contact our team at Encore Realty with any questions.