A Few Tips For Renting Out Your Home

Dated: 10/10/2016

Views: 2254

     Thinking about renting a home of yours? It's important to enter the rental market with the right expectations. Many realtors and non realtors get into the business of being a landlord, whether on purpose or by accident, it's important to know what you're getting into. First and foremost, you want to ensure that whether you buy cash or get a mortgage that your income from the rent the property will bring will exceed your monthly cost. Try to sit down before even making an offer on a property and do some math to make sure it's worth your time to invest in a certain home. A nice barometer is 30-50% of rental income received should end up in your pocket. For example, your mortgage payment on a home is $400 per month and you are renting it for $800. Next, when you're advertising the home for rent, appearance is more important than you think. Don't try to rent something that you wouldn't be happy living in yourself. Ensure that all interior finishes, hardware, and renovations are in excellent shape, and that the house has been recently swept and cleaned. If hard water sits in a toilet bowl for more than a couple weeks unused, it can create unsightly stains on the toilet bowl that might cause a prospective tenant to wonder if the property is clean/ has been well maintained. Also have the landscaping done nicely so that it is at least comparable or even exceeds the neighborhood standard. Finally, take pictures in the morning or evening so that the lighting enhances the property and does not over expose the images. Be prepared for prospective renters to stand you up for showings, they are less serious than home buyers and have many rentals they are looking at at once. You should probably confirm an appointment by phone call 30 min prior every time you show the property. Try to make friends with nearby neighbors dogs by giving them treats and introducing yourself privately before you start showing the home so that they don't bark every time you show it and scare tenants away. Once you have a tenant that's interested, ensure that you run a background and credit check on them before approving their move in. It is much easier in the long run to get a good tenant that will pay rent on time and maintain your investment than to endure the hard work it is to have high turnover and late rent. These are just a few tips to get you started, if you'd like to learn more about investing in real estate, contact Bella Hart's office today at 937-760-1308 or 937-286-2299.

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David Cooper

Real Estate Broker....

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