A first year as a long-distance landlord in Tampa: what to set up first
If you will own a Tampa rental from another city, put five things in place before the first lease: a written screening standard applied the same way to every applicant, a Florida-compliant lease, a maintenance approval limit, a cash reserve and a monthly reporting routine. Most first-year problems come from skipping one of them.
Many of our owners live in other states. The ones who enjoy owning a rental tend to have decided these things early, either on their own or with a manager.
Screening, the same way for everyone
Fair housing rules require that applicants be treated consistently. A written standard covering income, rental history and credit, applied to every application in the order received, protects you and the applicant.
Income ratio, rental history and credit criteria, in writing.
Describe the home and the terms, never the kind of person you want.
Review complete applications in the order they arrive.
Keep notes on why each application was approved or declined.
A simple first-year budget
| Line | Typical approach | Notes |
|---|---|---|
| Reserve | One to two months of rent | Kept separate from the operating account |
| Repairs | A set monthly allowance | Older homes need more |
| Vacancy | A few weeks a year | Turnover takes time and work |
| Management | A monthly percentage | If you hire a manager |
A monthly report that shows rent received, bills paid and anything that needs your decision keeps a rental from becoming a worry. If you manage yourself, build that habit; if you hire a manager, ask to see a sample report first.
Decide your rules before the first application arrives, and apply them the same way to everyone.