Monday, June 20, 2011

Sound Advice for Landlords

With the high numbers of foreclosures and short sales, a lot of people have been forced out of their homes and into rental properties.  This means that this is the best time for investors to pick up properties.  If you decide to go this route, then the following are just a few tips to help you along the way.

1 - Have a home inspection completed prior to making the property available.  This way you can have all repairs made prior to placing a tenant.  And you will avoid the pressure of a tenant calling several times a day with an issue.

2 - Consider getting a home warranty and put in the lease that the tenant is responsible for calling in service calls.

3 - Use a real estate broker to receive the rent.  This way your identity is concealed.  And most people will pay a company before they pay an individual anyway.

4 - Be sure to go by the property or have someone to go by the property periodically.  Oh and before approving a tenant, go by and visit where they currently reside.  A lot can be learned by a short 10 minute visit.

5 - Don't be greedy.  So many landlords price themselves out of the market.  Or worse many landlords set the rent high oping to attract a certain type of person.  Then down the road, that person can no longer afford the high rent.  Just be reasonable from the start in order to have a pleasant landlord experience.

I hope that these quick tips help you in your quest to create an income producing investment.

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