6 Tips for Home Owners Who Turn Into Landlords

Real Estate Blog

Monday, March 02 2009

6 Tips for Home Owners Who Turn Into Landlords

Here we have tips for our readers who want to become landlords. We can certainly assist you in finding suitable choices and we can provide you with an investment analysis to see if a purchase would bring you the return you are looking for. For those of you who would like to own rental property but you personally do not want to be involved in the day to day work, we can recommend our property management division at F.C.TuckerEmge.

Please call me at 812-499-9234 if you are interested to receive further information on buying rental property.

6 Tips for Home Owners Who Turn Into Landlords

Home owners who decide to rent out their properties have to stop thinking of themselves as home owners and instead consider themselves as running a small business, experts say.

Thinking like a businessperson means focusing on the monthly cost of maintenance, mortgage and taxes, as well as being aware of landlord-tenant regulations and avoiding liabilities.

Here are key issues to consider:

Set a fair rent. Setting the right price will make it more likely that a landlord will be able to keep the place rented.

Understand landlord-tenant rules. Running afoul of landlord-tenant regulations and rules regarding security deposits can be costly.

Screen applicants. Eliminating potential tenants who can’t pay or who won’t take care of the property is very important.

Lay out the rules in a lease. Widely available sample leases can help. If you have questions, ask an attorney.

Consider a property manager. Despite the expense, turning the job over to experts can help a landlord come out ahead.

Talk to the condo association. If the property is a condominium, be prepared to deal with a host of regulations.

Source: The Washington Post, Renae Merle (02/28/2009)

Posted by: Rolando Trentini AT 05:30 pm | Permalink | Email