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Are You Cut Out to Be a New Mexico Landlord?

If you own a residential investment property in Albuquerque or Rio Rancho, following up on repair issues, late rent payments, and HOA violations may not be your favorite thing to do. Being a responsive landlord may sound easy on paper, but the actual doing can be overwhelming even for an active business-oriented person.

Successfully managing your own rental property requires more than making the mortgage payments on time. You'll also need to have other skills and information to get the income you intended, including:

  • Ability to collect rental payments in a timely manner

  • Attracting high-quality applicants using a process that follows government guidelines

  • Knowledge of and compliance with state and federal laws governing the home rental market

  • Staying informed about the current rental market so you can successfully increase rental rates

  • Gathering the proper information about following the eviction process

  • Having the wherewithal to handle emergency calls at all hours

  • Securing timely property repairs and maintenance services

You Can Enjoy Rental Ownership

Real estate on the westside of Albuquerque, NM is a great income investment, and our Albuquerque rental property managers are licensed to handle the leasing and management process for single-family homes. We're here to help you get your home rent ready, so it attracts potential tenants right away. We'll advise you about making updates to your property, respond to repairs and emergencies so you don't have to, and help you find tenants who pay their rent on time.

As a top property management company in Albuquerque for more than 21 years, we've helped hundreds of homeowners get the most from their real estate investments. Contact us at 505-323-2104 to speak to a knowledgeable property manager about the home you want to put on the rental market.

10-15-2018
ML
Real Estate Investing, Buying Real Estate, Selling Real Estate, Albuquerque Income Properties
10-15-2018
Do Your Sprinklers Work?

Spring is the Time to Turn Your Sprinkler System On

If you’re living in a rental home, you’re likely charged with the maintenance of your lawn and outdoor areas. Caring for the sprinkler system is part of that groundskeeping process.

WHERE TO START

  1. Turning on the watering system for the first time each season is an opportunity to check for problems left by winter weather.
  1. Locate the irrigation supply valve and turn the system on by turning the valve. Set the automatic sprinkler controller to the “ON” position.
  1. Allow the system to run for a few minutes. Walk the length of the system and make sure each sprinkler head is operating correctly.
  1. Report any problems to your property manager.
  1. Set the sprinkler system to turn off and on according to local watering requirements.

REMINDERS

  • Most management companies require repair requests for broken appliances and items found in the home. Check your lease agreement to see how you should proceed with a needed sprinkler repair.
  • If you’ve been watering the correct amount of time over the course of a few weeks, and you see that your lawn and plants are suffering, let your property manager know right away.
  • If there is no sprinkler system to care for, you’ll be required to hand water flower beds, grass, and trees in both your front and back yard areas. You will need to purchase the right equipment to get the job done.

In Albuquerque, watering restrictions are in operation from April 1 through October 31. Rio Rancho water restrictions are also start April 1 and run through October 31. However, Rio Rancho has different restrictions to follow.

04-19-2018
ML
Property Maintenance Tips
04-19-2018
How Do I Qualify to Lease a Single-Family Home?

Landlords look for tenants who can pay their rent on time and take good care of a home. In order to determine whether you’re a good rental candidate, you’ll be asked to prove your income and rental history. You’ll also be the subject of consumer and criminal backgrounds checks.

Each property management company or individual landlord will have their own application process. You might qualify for one home and not another owned or managed by the same person or company. Ask the landlord about specific items that might stop your application.

To avoid disqualification, spend some time getting prepared before you apply for a rental home. Follow these recommendations to streamline your experience:

Know what rental amount you can afford. Start by being realistic about your finances and budget. Take into consideration that a single-family home might require you to pay for lawn maintenance and ongoing indoor and outdoor cleaning costs.

Clean up your credit report. A large amount of debt and a history of missed payments are signs that identify you as someone who might not be able to pay their rent on time. A foreclosure, recent bankruptcy, or judgement might require a larger security deposit upfront, or in some cases disqualify you.

Keep track of income documentation. Applicants are usually required to provide paystubs for at least 2 or more months of employment. The documents must include year-to-date income totals. Before filling out the application, check with the property manager or landlord to find out how much income you need to make to qualify. If you’re self-employed, copies of your tax return may be required. Retired persons may have other documents they need to supply to complete the verification process.

List everyone on the application who will be living in the home. You can be evicted for having unauthorized people living in a rental home. If a person’s name is not on the lease, but they are living in the home you’ve rented, they are there illegally. Everyone on the lease must complete an application and qualify to be in the home.

Maintain a list of personal and landlord references. Landlords are looking for people of good character to live in their rental properties. You’ll be asked for contact information such as phone numbers and addresses. Why not keep everything current so you don’t have to go hunting for the data at the last minute?

Be prepared to pay application fees. It’s common to pay an application fee to cover a background and credit report. You’ll need to pay this right away. You may also need to pay a deposit amount to hold the property off the market while your application is being processed.

Find out what might disqualify you. Most property management companies will post details about the qualification requirements for their homes. If you have questions, call and ask for more information before applying.

02-22-2018
ML
Applying For A Home
02-22-2018

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  • Are You Cut Out to Be a New Mexico Landlord?
  • Is It Okay to Water My Lawn Today?
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  • How Do I Qualify to Lease a Single-Family Home?
  • 5 Common Lease Requirements for Renters
  • ML
  • Melissa LaRose