Take Your Research to a New Level

Whether you're new to the game or looking to add additional properties to your portfolio, undoubtedly you want to invest in property that will provide a solid return.

One way to ensure this result is to research the community in which you'd like to buy property.

By choosing property in an area with potential, you can take your business to the next level.

Learn about Local Rental Regulations
As you search for investment properties, you want to be clear on local government standards for rental homes.

Most cities and towns regard rental properties more like a business than a residence.

Thus, for instance, a certain township may state that for a room to be considered a bedroom, it must be at least 100 square feet.

So, if you're looking at a three-bedroom Victorian with one bedroom that's only 11x8 feet, then you will be only allowed to advertise that house as a two-bedroom, which will to decrease the rental price.

Stick to the General Rules for Choosing an Investment Property
Features of the property's surrounding area could make the home a good or bad investment; look at crime rates, employment statistics, local amenities, quality of schools, number of vacancies, and trends in housing prices, among other factors.

Also, research the community's ongoing developments.

If new businesses, public transit lines, and/or shops are opening up, those are good signs of a thriving community.

Look for Hazards That Could Cause Bad and Costly Accidents
One lawsuit can make any rental home a big loss.

Always check for mold, lead paint, radon, and asbestos prior to buying.

Other safety concerns, such as uneven sidewalks, open electrical circuits, obstructed doorways, and steep steps should be considered.

Of course, there's no way to 100-percent safeguard a property from a potential accident, but you should make sure you're properly insured.

Also, establishing your property as a limited liability company (LLC) can limit your personal liability.

Put Utilities in the Tenants' Names
Know that if the utility bill is in your name, but the tenants pay the bill each month, you are still legally liable to pay it—even if the tenants stop paying.

And you must still provide them those utilities.

The best choice is to put the bill in their name so that they're legally liable to pay.

Is the Big Lawn Worth It?
A house on an acre of land may be easy to rent out, but you'll be paying to maintain the lawn, unless you can reach an agreement with the tenant.

Also, that extra space is going to equal higher property taxes.

Financially speaking, you're probably better off looking for properties that don't have a ton of land.

Be Clear on What Your Tenants Want
Research to see if amenities desirable to your target market are available nearby.

Young professionals may want a local social scene and trendy dining establishments while older residents might want to know about the availability of health care nearby.

Young families might want parks and other fun spots for children. 

And when you go to advertise, tout these nearby amenities.

Posted on Jul 24, 2015


The Landlord Tenant Board: What it is and When it is Needed

Many times, there are issues between a landlord and a tenant that need to be resolved but are failed to do so, because both parties have gone too far with their actions, and have retaliated in the... More

How to Create a Residential Lease Agreement

Where there is a landlord, there will also be a tenant, and it is no surprise that these two parties can only work together once there is some sort of agreement, contract or a binding deal in place.... More

The Best Sites for Rental and Lease Agreement Templates

Many landlords find it difficult to write and draft a lease agreement. Since every State has its own general template, it can also be difficult to make sure your lease agreement meets all the criteria... More

Landlord Obligations: The Responsibilities of a Landlord

Becoming a landlord is a major deal and no one can simply get up and think, “well, yes I think I should be a landlord and rent out my flat.” If you are thinking that you would like to be a landlord,... More

The Best Landlord Associations for Landlords to Join

If you’re a landlord and want to manage your business in a better way, you should endeavor to get in touch with those industry experts who have the experience and the skills to help you do it. This is... More

The Best Landlord Forums

Landlords and aspiring landlords, do not become as such, without guidance and advice. There is a lot that goes into being a landlord nowadays; in fact, there is so much to learn that it often confuses... More

The Biggest Landlord Problems and How to Fix Them

Renting out an apartment or a house can become a constant revenue source for landlords, but at the same time, it gives rise to several problems. It is a fact that high standards, a strict lease... More

Landlord Tenant Disputes

If you are currently thinking of becoming a landlord only because it helps you have a constant stream of income, you should think twice. It’s not that you should not consider offering your property... More

Unpaid Rent

When you talk about the most common disputes arising between landlords and tenants, nonpayment of rent has to be there in the list. People rent their properties to earn money, and when a tenant... More

Section 8 Landlord Pros and Cons

If you have ever rented a living space and have had to move many times, you’d already know how difficult it is to find decent, affordable and secure living premises. A person has to deal with the same... More