| Mon: | Showings 1-4 Office Hours- 9-5: |
|---|---|
| Tues: | Showings 1-6 Office Hours - 1-8: |
| Wed: | Showings 1-6 Office Hours - 1-8: |
| Thurs: | Showings 9 - 6 Office Hours 9 - 6: |
| Fri: | Showings 1-6 Office Hours - 1-8: |
| Sat: | Office 11-4 Showings by appointment only: |
| Sun: | Sunday Closed: |
| Real Estate Rentals |
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The idea of owning rental real estate seems to be gaining popularity as investors get tired of the ups and downs of the stock market. Lets get one thing straight, "Not everyone has what it takes to be a landlord." But those who do may find rentals to be a good way to build wealth. Now once you’ve made the decision to buy rental property, the real work begins. Finding a rental property will be a money maker instead of a money pit usually takes time, connections and plenty of research. 1. Determine what type of rental property you will be working with- a single-family residence, multi-family unit, commercial property, or a vacation home. 2. Reduce your search area focusing on available properties in a particular area. 3. Do your homework and Obtain comparable prices for similar properties in the area. 4. Determine the possible rental income from a particular property. 5. Determine possible cash flow (or loss) for the property. Take your total rent and subtract taxes, insurance, mortgage payment, maintenance, repairs and other expenses. 6. Talk to your tax advisor about any tax issues of investing in rental property. 7. Get an attorney or real estate agent to review all contracts and agreements before submitting an offer. 8. Make an offer based on comparable prices for similar properties in the area, subject to appraisal, loan approval and thorough inspection of the property. 9. Decide who will manage the rental property. Things to Consider: Establish and maintain an emergency fund to cover unexpected repairs and expenses on your rental property. Mortgage loans for rental property usually require larger down payments with higher interest rates, than mortgages for owner-occupied properties. An older building that needs work will give you headaches because you not be able to rent it. Cities have rental laws and fees you must pay if you are a landlord. Check with your local Housing Authority to determine any local laws or ordnances that effect you as a landlord. |