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7 Things to Consider Before Renting Out Your Real Estate Investment

by oppe01

At a time when the real estate market is down, it's easier to buy
property than it is to sell it. That leaves investors wondering
if they should make the leap and become a landlord. Opening your
real estate investment up to tenants and making it a rental
property can be just as lucrative as flipping houses. There is
just as much risk, however.

The Benefits of Renting Out Real Estate Investments
The nice thing about renting out your properties is the tax
break you'll get. Landlords are allowed extra deductions for
expenses and depreciation of the home and appliances. You can
deduct the interest on your mortgage, your property taxes, the
cost of repairs, any cleaning services you use for the house and
the utilities.

Consider These Tips Before Renting Out Your Property
There are some things to think about before renting out your
property. Landlords have a huge responsibility and a certain
level of liability. Knowing what you are signing up for upfront
will save you a lot of hassle down the road. Consider these seven
points before you make any decisions.

* Is renting out your real estate investment a financially
feasible option? Can you get enough in rent to cover your
mortgage, property taxes, insurance and repairs? Carefully
calculate how much money will be needed on a monthly basis to
cover your expenses and make a profit.

* Is there a demand for rental homes in the area? Some areas are
filled with rental homes, while others hardly ever have them.
Every neighborhood is different. Do your research and find out
which other homes in the area are being rented out.

* Remember that you will be responsible for all repairs on the
house. This goes beyond sprucing it up for the next renters.
Renters will call all hours of the day and night with various
problems they want you to fix. If you aren't handy around the
house, it will cost you more to hire someone to handle these
kinds of repairs.

* Are you willing to be a landlord and handle issues with
tenants? Are you firm enough so they won't walk all over you? Do
you have what it takes to kick out tenants who aren't paying?
Being a landlord takes patience and people skills.

* Make sure you have your real estate investment thoroughly
inspected before you rent it out. Also have your tenants sign a
checklist before they move in so you have documentation of what
minor things were wrong and what things the tenants caused.

* Take the time to familiarize yourself with tenant's rights.
Know your responsibility as a landlord and what rights you have
as far as enforcing the rules, evictions and more.

* Be prepared that there may be times when there are no tenants
in your property. Ideally when one tenant moves out, another one
moves in, but there is the possibility that you have several
months in between when the property is vacant and not bringing in
any rent.

Protecting your real estate investment is the most important
thing. With a few tips and some basic research, you can find out
exactly what you need to know about leasing your property,
becoming a landlord and making money in the process.

Stuart Anthony Atkinson<br> 
www.offplanpropertyexchange.com <a
href="http://www.offplanpropertyexchange.com">New homes for
sale</a> and property investment opportunities worldwide.

Syndicated by Top Gazebos - www.topgazebos.net

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