Finding Rental Property
If you are just starting out, I recommend looking for a rental house that is pretty close to your own home. That way you don’t have very far to travel to do your property inspections. New investors should also search for their house to rent in the best area in which they can afford. Using the internet can be a great tool for a rental owner and help the new investor accomplish many of those tasks. You can go online to find out the quality of schools and the local crime rate. Computers are also a great way to locate the houses to rent that you intend to buy. Online you can find foreclosures, government auctions, and free property listing sites.
There are many places and ways to rent out your house. I always recommend putting signs in the yard and the surrounding area. Some rental property investors will use the newspaper for rent listings; which can be very expensive, averaging around $250.00 just for four weekends in one month. However, renting out your house online can be a much cheaper way to go. A rental owner can advertise rental property and get much more exposure at a fraction of the cost. There is a website that offers landlords rental listing for a year for under $40.00 and that is risk free with a money back guarantee.
Rental Property Forms, Tools, and Courses
Using legal real estate forms, including rental property forms is a must when it comes to investing. You should always keep records of all your real estate forms such as: residential rental application, landlord deposit, tenant background check, rental lease, and any notice to landlord or tenant eviction. That way you are more secure if it has to come to litigation. There are also tools and courses new investors can take advantage of: Instant background check, Home repair cost calculator, Landlord Toolkit, Mortgage loan tips, and Tax free real estate investing are just a few.
Rental Property Maintenance
As the rental owner you should always perform regular inspections of your property; because you will be responsible for the day to day maintenance, as well as the unexpected repairs that arise from time to time. This means from the roof to the basement, as well as all of the lawn care. Unless you put a clause in your contract that requires the tenant to handle some of these duties or you hire a property management company.