We are thinking of buying a house as a rental investment. What should we know before taking the plunge?
Buying right is the “secret.” Your first step is to make sure the property is in an area desirable to tenants and suited for appreciation. Next, you want to purchase the property at a price and financing that will allow you to make a profit (and positive cash flow) while renting it out. Don’t forget to include any fix-up expenditures for getting the home in rental shape. You’ll need to create a budget of your expected rental revenue and all costs associated with owning the home – and be sure to allow for contingencies such as vacancies, unexpected repairs and maintenance, and tax and insurance increases.
Seek out the assistance of a competent real estate attorney to create a rock-solid lease document that protects you from problem tenants. You can use the document for future leases and tenants.
Determine whether you’re going to manage the property yourself, or pay a management company – and don’t forget to include management fees into your budget estimates. If you’re thinking of buying or selling a home and need competent and caring representation, please call me at 905-925-0007 or email me Jeremy@JeremyRomano.com.
Author:Jeremy Romano Phone: 905-925-0007 Dated: August 9th 2017 Views: 140 About Jeremy: I am a Full-time Realtor in the Durham Region and Kawartha Lakes market, and have lived here for ove...
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For years now, Jeremy Romano Team has been going above and beyond for their clients within the Durham Region and Kawartha Lakes Area. They help more people using their unique approach and passion for real estate. Whether you are buying a house for the first time, looking to up-size, downsize or invest, Jeremy Romano Team is there to guide you.
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"We recently had that pleasure of dealing with Jeremy for the purchase of our cottage. We found Jeremy to be a patient, knowledgeable and a friendly real estate agent who knows the area inside and out. He walked us through every step of the process, answered all our related and unrelated questions (by e-mail and by phone) and took all the potential stress out of the experience. He offered sound advice and buying tips, but he also knew when to stand back and let us discover things for ourselves. He is not pushy at all, and spent as much time as we needed visiting and revisiting homes. Real estate agents are plentiful nowadays, but when you get one that’s good you hold on for dear life. We found out that Jeremy is someone that’s going to look out for your best interest."