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Top 3 Rookie Mistakes When Leasing an Investment House

Sunday, September 11th, 2011

Buying and maintaining investment rental property is step 1 to making an investment in real-estate. The following crucial piece to the puzzle is renting the property. And here is where mistakes are made.

If you need to be a happy landlord and profit long term from your investment, then there are three renters that you want to always keep in mind.

Always hire a good Management Company: This is an investment, and you are looking for return on capital. It is not a part-time job. Therefore hire a good management company which will charge 8-10% of the monthly rent, and let them field the calls about over-flowing toilets at 3am. Oh, and this keeps the renter from understanding that you own the property in the 1st place. Trust me, you will like the anonymity, over time.

Budget for Repairs: And when the tenant reports a difficulty, have it fixed immediately and to their satisfaction. Most tenants will not exploit you in asking for needless items; so when they do ask, be there for them. In turn, you'll probably improve and longterm renters who will take extra care of the property. Here the chestnut holds true, ‘An oz. of prevention is worth a pound of cure’.

Screen the Renters Well: Talk this one through with your managing corporation and determine a set factors for the renters you'll approve to move in to your property. A credit report along shouldn't do it. If they'd glorious credit currently they would doubtless not be renting. Be certain the management company can look at the credit profile to see what is behind that low score. And remember, there are a large amount of folks who were former owners in this market who've hit rough times. Most do not want to lease, and will likely be homeowners again when credit is restored. Those people generally treat the home as a homeowner would, as their own.

If you start off with the right team, expectancies and criteria for your renters, you will enjoy owning this rental real estate. Years from now you will probably be very happy both with cash flow and your overall return on your investment if you, again, treat this as an investment and not a second job.

Oh, and we will be able to refer you to a few of the best property management corporations in the metro area for .
We hope they are going to do a very good job to help you enjoy your investment.

Visit for the best for repos, fixer-uppers and turnkey real estate with seasoned tenants. Visit us today to find the right investment property for you.

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