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Buying Your First Rental Property And Becoming A Landlord
hen you are buying your market your place, you are part
first rental property and of the target audience, so it is
becoming a landlord, easy to find the right place to
there is lots to learn. How do I advertise. Just ask yourself...
find tenants? What should I how would we go about looking for
charge for rent? Should I update a place? We actually mistakenly
the places to get more rent? How put costly newspaper ads out
do I tell the tenants they are initially, bringing in the
late on rent? completely wrong renters who were
completely not interested. Once
I have read a lot about how you we switched to advertising in
have rule with an iron fist to places we would look, 90% of the
keep your tenants in line. Our people who came were actually
philosophy is much more laid interested, the place would rent
back, and it has worked out faster, and the tenants were
amazingly well for us. Every happy to be in our place.
property is different, but this
was our experience. That leads to the next reason why
buying something you would live
Our first rental investment in as your first rental property
property was somewhere we would makes the landlord learning
move into ourselves, and in process so much easier. The
retrospect, that was an aspect tenants! These will be people
more important than I would have that you basically get along with
guessed. There's many decisions because they like what you like,
along the way, and being a and if you meet them, they will
potential tenant yourself makes most likely like you, or they
those decisions much clearer. would not be renting it. You will
make sense to them, and they will
First off, when it comes time to make sense to you. When you are
at odds with your tenants, the times, we even get good ideas to
whole interaction and experience carry over to the other
can be painful, so getting along apartments to make them more
helps tremendously. marketable, like some basic
drapes & mounted wine racks. We
Why, you say, should I care if my even had a tenant call us to ask
tenants are happy? Because if she could plant some flowers
everything is easier. They will by her porch. We welcomed it. It
more likely pay rent on time, was an indication that she felt
respect & keep your place in invested in the place and felt at
shape, and stay longer. Believe home. Of course, I am not
me, there is nothing like a advising you let someone remodel
completely wrecked apartment by a your kitchens... I am talking
short-term tenant. Sure you can small things that are easily
charge money for damages, but it undone, but make the tenant feel
will still take time and be a invested and at home.
hassle to get it back up to a
rent-able state. And dealing the Another thing to do to have happy
whole time with bitter, angry tenants is to give them a sizable
tenants is no fun either. re-signing bonus when their
leases end. And unless it is
How do you make your tenants painfully needed, do not raise
happy? There's a couple things we the rent, especially if the
do. One is that we allow tenants tenant is someone who pays on
some flexibility with painting time and is easy to deal with. We
and decorating. 95% of the time, offer a $500 re-signing bonus
our tenants actually do wonders each year with rents at $800. It
with our apartments and leave is almost a free month and about
them with a better style than we the cost it would be for us to do
could have done ourselves. Many a make-ready, so it is good for
us and them. back. We also maintain the
property and do pest control. And
Also, we do not rent our places we always answer their issues
at the maximum. We make them a within a day, at least with a
somewhat good deal so that many phone call.
people will inquire, and so we
have a better chance of a good Becoming a landlord was
fit that will be happy and stay definitely a learning experience.
long. We also do not overcharge Everyone has their own style, and
because feeling ripped off is one even different properties may
main reason a tenant will leave. prescribe a different style. Just
be open to handling your rental
We also treat our tenants with a property business (which is
lot of respect. We call them basically your tenants) with
every time we enter their units, respect rather than the
and if repairs take an extensive stereotypical overbearing
amount of time or hassle on their attitude.
behalf, we give them some rent
About the Author:
Escapeso Austin Real Estate is a husband wife team in Austin Texas serving the Austin Real Estate market. Their website offers a free Austin Home Search using the Austin MLS as well as a custom real estate calculator
Read more articles by: Ki Gray
Article Source: www.iSnare.com |
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