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 [email protected].
Author:Jeremy Romano Phone: 905-925-0007 Dated: August 9th 2017 Views: 409 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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We are thinking of buying a house as a rental investment. What
"Jeremy Romano was instrumental in my housing purchase. He is very patient and respectful of your desired traits of a home and works hard to show you all your options. Jeremy is always punctual for showings and appointments and always makes himself accessible to you. He worked around my schedule, making it easier to view homes during times I was available. He is hard working, knowledgeable, and honest which is what you need in a real estate agent. A home is one of the largest investments you make and it is reassuring when you are working with a competant person you can trust."