Tips For The Unexpected Landlord

In the wake of the sub prime mortgage crisis many homeowners are opting to rent properties

as opposed to trying to sell in this unstable and already saturated market. But, being a landlord requires some savvy. So, listen up and heed some valuable advice before diving into the world of renting and leasing your home.

First, be aware that you're not the only one is this position. Because of that don't immediately assume it'll be easy as pie or that youll fetch a pretty penny in terms of your rental income. The reality is that in 2005 and 2006 when money flowed like Italian table wine everyone had the same idea to get rich fast through Real Estate Investor Deals. Today, these folks are your competitor landlords, and its dog eat dog out there. With all this competition, theres a lot on the market and rental prices are being driven steadily downward.

Because of this competitive market, if you want to ensure your place gets rented and stays rented, then youre going to have to price it right. In most cases, this means under pricing your rental property. So keep a close eye on similar rentals in your area and be prepared to bite the bullet and offer yours at a bit less than everyone else. You want to be the dog with the bone, right? So, jump through the right hoops.

Make sure you meet your prospective tenants and do a proper walk-though with them to take stock on the condition of the property and to go over the terms of the lease. Of course, youll also want to check up on their credentials and credit history. Be absolutely thorough with this. Ask for references, both professional and personal, and then call those references. Youll want to use your instinct as well; but some hard and fast research is necessary to ensure these new tenants will be good custodians of your property.

When contemplating the idea of renting, you must understand the costs associated with renting a property. In many cases you wont always be able to charge as much as your monthly mortgage payments. So be prepared for periods of negative cash flow. Also factor in maintenance fees, insurance, the cost of clean-up and repairs when the tenant moves out, and vacancies when no monthly rent is being paid. Using a property management company is another substantial cost to factor in. At the end of the day, youll want to compare these landlord costs with the cost of selling your home. You may decide holding rental property is just not for you.

by: Andrew Kolodziej

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