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: 583 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 are thinking of buying a house as a rental investment. What
"We have recently had the pleasure of dealing with Jeremy Romano in the sale and purchase of two houses. Charming, persistent, professional, hard-working and innovative are words to describe our experience with him. Always pleasant, with an excellent sense of humour, Jeremy went out of his way to accommodate our every need and desire. He willingly held many open houses when selling our home in the winter, even going so far as to register with a neighbouring real estate board in order to broaden the exposure of his constant advertising. Throughout the whole process of our sale, Jeremy was tactfully honest with us, helping out with the staging of our home, keeping us informed of potential buyers’ reactions and ably negotiating the final sale contract. When we did sell our home, he willingly spent many hours with us viewing potential homes, advising us when we bought a home, negotiating for us in that purchase, and unselfishly spending even more time with us while we visited our new home several times before moving day. Jeremy has been instrumental in making this potentially stressful process a thoroughly enjoyable experience. We highly recommend him, and would use him as our real estate agent again without hesitation, or, as the saying goes, “in a New York second”! "