Feb212010
Tips for Property Rentals
Are you getting ready to buy or rent your first rental property? If so, here are a few things you need to know about property rentals.
Tips for Property Rentals
When buying a rental property the house should be a minimum of 1200 square feet or better. It should be three-bedrooms with two bathrooms and a garage. Two-bedrooms are harder to rent. Depending on your climate, you may also want
to make sure the property has central heat and air.
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Location of the property is important. Locating next to an industrial area or school is a disadvantage because of trash and vandalism. Being a block or two away is more desirable. Don't locate near a railroad track or airport because of the noise.
It's distracting. One subdivision in our area put up a sound wall next to the railroad track, but the houses were two-story and the bedrooms were upstairs, so the sound wall didn't do any good. So stay away from that.
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When renting a property, screening is very important. You're renting to strangers, and they need to be screened properly. Some people might have problems with their credit. Look into their rental history -- how they treated the property
with other owners. Go back a couple of owners when checking that. You have to decide whether to allow pets or not. If you don't allow pets, it eliminates about 50 percent of your prospects.
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Every property is different, and every tenant is different. There are no two tenants or properties that are the same. You have to make adjustments with different personalities, different cultures, and understand that your property might not
bring the same amount of rental as another one in the same neighborhood. I might add one more thing: not to upgrade a rental in the same neighborhood. In other words, don't over-improve a property compared with your neighbors. What
happens is that it helps to bring the value of the neighbors' properties up, but it can lower the value of your property. Never put in extensive improvements that you'll never recover when you sell it.
Renting Your Home When Relocating
Here is a common question, "What about people who have to relocate and haven't been able to sell their home? Should they rent their home out?
We call those "reluctant landlords." We talk to them and explain the business to them. There's a risk, and we're up-front with them so they can make a decision. But, in this market, I would rent it out until the market improves for selling. Most
people have lost most of their equity. So I would recommend renting right now. There are good renters out there. You just have to be careful with your screening. If you are leaving town and renting your home, then I would recommend
using a property management company.
Licensed with CA Dept of Real Estate 44 years as a broker. Commercial investments. Currently property manager with 27 years experience residential and commerical Hold two designations MPM Master property manager and RMP Residential
Management professional awarded by National Association of Residential Property Managers Read chapter one of our new Book House Investors' Manual at www.arbourpm
Are you getting ready to buy or rent your first rental property? If so, here are a few things you need to know about property rentals.
Tips for Property Rentals
When buying a rental property the house should be a minimum of 1200 square feet or better. It should be three-bedrooms with two bathrooms and a garage. Two-bedrooms are harder to rent. Depending on your climate, you may also want
to make sure the property has central heat and air.
ugg boots
Location of the property is important. Locating next to an industrial area or school is a disadvantage because of trash and vandalism. Being a block or two away is more desirable. Don't locate near a railroad track or airport because of the noise.
It's distracting. One subdivision in our area put up a sound wall next to the railroad track, but the houses were two-story and the bedrooms were upstairs, so the sound wall didn't do any good. So stay away from that.
ugg boots
When renting a property, screening is very important. You're renting to strangers, and they need to be screened properly. Some people might have problems with their credit. Look into their rental history -- how they treated the property
with other owners. Go back a couple of owners when checking that. You have to decide whether to allow pets or not. If you don't allow pets, it eliminates about 50 percent of your prospects.
nike outlet
Every property is different, and every tenant is different. There are no two tenants or properties that are the same. You have to make adjustments with different personalities, different cultures, and understand that your property might not
bring the same amount of rental as another one in the same neighborhood. I might add one more thing: not to upgrade a rental in the same neighborhood. In other words, don't over-improve a property compared with your neighbors. What
happens is that it helps to bring the value of the neighbors' properties up, but it can lower the value of your property. Never put in extensive improvements that you'll never recover when you sell it.
Renting Your Home When Relocating
Here is a common question, "What about people who have to relocate and haven't been able to sell their home? Should they rent their home out?
We call those "reluctant landlords." We talk to them and explain the business to them. There's a risk, and we're up-front with them so they can make a decision. But, in this market, I would rent it out until the market improves for selling. Most
people have lost most of their equity. So I would recommend renting right now. There are good renters out there. You just have to be careful with your screening. If you are leaving town and renting your home, then I would recommend
using a property management company.
Licensed with CA Dept of Real Estate 44 years as a broker. Commercial investments. Currently property manager with 27 years experience residential and commerical Hold two designations MPM Master property manager and RMP Residential
Management professional awarded by National Association of Residential Property Managers Read chapter one of our new Book House Investors' Manual at www.arbourpm
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