Online Calculator | Top 3 Newbie Mistakes When Renting an Investment Property

Top 3 Newbie Mistakes When Renting an Investment Property

Purchasing and maintaining investment rental property is step one to investing in property. The following important piece to the puzzle is leasing the property. And this is where mistakes are made.

If you would like to be a contented owner and profit long term from your investment, then there are 3 tenants that you would like to always remember.

1.
 Always hire a good Management Company: This is an investment, and you're looking for return on capital. It is not a part time job. So , hire a good management firm that 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 tenant from knowing that you own the property in the first place. Trust me, you may like the anonymity, over time.

2.
 Budget for Repairs: And when the renter reports an issue, have it fixed right away and to their satisfaction. Most tenants won't use you in asking for needless items; so when they do ask, be there for them. In exchange, you'll probably improve and longer term renters who will take more care of the property. Here the saying holds true, ‘An ounce of prevention is worth a pound of cure’.

3.
 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 should not do it. If they'd glorious credit right now they'd probably not be renting. Be certain the management corporation is able to look at the credit profile to see what is behind that low score. And remember, there are plenty of people who were former homeowners in this market who have hit rough times. Most don’t want to hire, and will be homeowners again when credit is revived. Those folks generally treat the home as a homeowner would, as their own.

If you begin with the right team, expectancies and criteria for your renters, you'll enjoy owning this rental real-estate. Years from now you'll probably be really cheerful both with money flow and your total return on your investment if you, again, treat this as an investment and not a second job.

Oh, and we can refer you to some of the best property management corporations in the metro area for Atlanta investment properties.
We hope they are going to do an excellent job to help enjoy your investment.

Visit PropertyMavens.com for the best Atlanta investment properties for foreclosures, fixer-uppers and turnkey Atlanta investment real-estate with seasoned renters. Visit us today to find the best investment property for you.

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