Logan Utah Realtor: Getting Ready To Be A Landlord

real estateJune 1st, 2011House In Utah

Instead of selling Real Estate in Philadelphia PA, why not turn it into a rental property?

Perhaps your a second homeowner and is still paying your monthly mortgage. Why not turn your old home into a rental property to help you pay for your monthly mortgage. If you have been thinking about rental business then remember that putting a ?for rent? sign on your lawn is not the start or the end of your new investment.

Here are some questions you need to ask yourself before you open your doors to your first tenant.

1. Are you ready to take the responsibilities of a landlord?

2. Do you have any idea about your state? landlord/tenant agreement?

3. Do you have right to have the property rented out?

4. Are you financially ready for unforeseen repairs, as well as renovations and maintenance?

5. Are you an absentee landlord?

6. Do you know how to draft a standard lease agreement or rental paper works?

A landlord is in charge of the maintenance of homes including the snow removal, mowing of lawns, and so on. If he is an absentee landlord, he has to make sure that he is accessible to all tenants or if not, he could employ the help of a property management company to do the landlord responsibilities for him.

One important thing about being a landlord is that you should be financially ready to finance renovations and repairs. As a landlord, you have to expect that there would be months when an unit is unoccupied and this means that he has to shoulder the mortgage and heating cost as well.

Don?t engage in the rental or leasing business if you think you are not ready to be a landlord because it will just waste both your time and money. Remember that there are still other choices than having your old real estate rented out especially if you are not physically and financially prepared.

You don?t have to sell your Grapevine homes. Why not turn it into a rental investment. It?s going to be an asset where you can make money out of it. Visit Centennial Colorado Homes for real estate resource and some quick investment advice.

Related Information

Source: http://www.utahprorealtor.com/blog/2011/06/01/getting-ready-to-be-a-landlord/

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