How much will your home rent for?
New to the business? Do you want to become the best landlord you can be? We’ve got great advice on how to get started off on the right foot, make a great impression, and keep up good business practices. Check them out below!
Picking the right investment.
When considering a property for investment, make sure you pay close attention to the property inspection. Take a good look at the big and small ticket items that would need fixing and make a list of the ‘to-do’s’ to calculate costs.
Show me the money.
You’ll want to have a true idea of what a property could bring you for profits up front. How much you pocket from the property can only be only considered after determining an appropriate market price for rent, and also leaving room to put money back into the property for future up keep and repairs. Some standard upkeep, such as painting, is mandatory.
Don’t forget Uncle Sam.
You will need to pay property taxes on your property. You might want to find an attorney who can advise you on your state’s legal requirements. Being prepared and having an attorney on call could help, should other issues arise with your tenant.
Write it down.
Keeping a good record is essential. Especially if you plan on increasing your investments. Get into the rhythm of recording everything. Using a contract is also essential and can prevent mishaps such as a late payment on rent. Keeping a checklist for these good habits can keep you on track!
Finding the best tenants.
There aren’t any rules saying you have to select the first application to your property. When considering a tenant, make sure you get their rental history, reason(s) why they are moving, where they work, and their income. If possible, call their previous landlords.
Columbus Real Estate Pros specializes in everything from maintenance to finding qualified tenants to preparing the lease and more for nicer single family homes in the Columbus, Ohio market.
Best of all – there’s no up front fees (perfect if you are just getting started!) We only get paid when your property is rented! We guarantee to rent your property in 30 days.
Try us out – get a free property management quote here!