How You Can Become a Landlord in Hawaii in 2022

How You Can Become a Landlord in Hawaii in 2022

Say aloha to the real estate market! The median rent for a one-bedroom apartment in Honolulu is more than $1,600 a month. 

If you'd like to earn a lot of money in a little time, you should become a landlord. Yet you shouldn't become a landlord right away. You need to spend some time doing research about landlords so you are a truly effective one. 

Where should you start? How can you develop good rental policies? What should you do to smooth over relations with troublesome clients? 

Answer these questions and you can become a master landlord in no time. Here is your quick landlord guide.

Buy a Liveable Property

You can be a landlord in a house or an apartment. Some people buy properties with the intention of becoming landlords while others rent out rooms in homes they already own. Other people are accidental landlords, inheriting properties from relatives and then renting them out. 

Whatever property you have, you need to clean and renovate it before you start marketing to tenants. Have an inspector come in and do an evaluation of it for hazards like lead and pests.

Draft a Contract

Once your home is safe and secure, you can start writing a formal rental contract. Review the Hawaii Residential Landlord-Tenant Code so you stay within the bounds of the law. 

Hawaii laws give landlords broad discretion. You can decide whether you want to allow pets, smoking, and loud music inside your property or not. However, you cannot discriminate against a tenant for their immutable characteristics, including their race or disability. 

Market to Tenants

Do not hesitate to start marketing to tenants. Many people are looking for homes right now, and you may have many dozens of competitors.

Follow essential tips for finding tenants like posting online about your property and buying ads in newspapers. As soon as you get applications, you should start screening your tenants.

If you're struggling to market your property, you can talk to a realtor. They can give you advice on how to become a landlord as well. 

Develop a Good Rapport

Spend time looking at the applications of your tenants. Have phone interviews with them and give them guided tours of the property. 

You are not done being a landlord once your tenants move in. You should remain in communication with them so you can resolve complaints and smooth over difficulties like paying the rent. 

If your tenant is disruptive or refuses to pay the rent, you can remove them. But you should have a conversation with them before you start the eviction process. You can come to an agreement, including offering them money to move out.

Be the Best Landlord in Hawaii

Becoming a landlord requires thought and hard work. You need to have a property that people want, though it can be a home or apartment. Write a contract that describes important residency terms, including whether pets are allowed. 

Be aggressive with your marketing and list your property in a number of outlets. Sort through your applications and get to know each tenant personally. Be hands-on so you can deal with any troublemakers. 

If you're ever struggling with being a landlord, you can get help. HomeRiver Group Honolulu helps Hawaiian landlords with their properties. Contact us today.

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