Green Residential
Buying an affordable property and then renting it out for profit can sound like a pretty easy deal. But if you aren’t careful, you can fall victim to the one or more of the common pitfalls of the market, which will dispel your profits and force you to pay out of pocket.
Being a landlord comes with dozens of unique benefits and advantages. However, if you aren’t careful, you may also open yourself up to unnecessary risks. The key is to protect and look out for yourself, above all else. Have you taken the time and effort to protect yourself from future issues, legal disputes, and problems with tenants?
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While working through a lease agreement with a new tenant might seem normal, avoid the tendency to glaze over the details. Upon ending a tenant-landlord relationship, security deposit issues are among the most common problems people have. It’s important that you develop a specific strategy for implementing and explaining your security deposit to tenants.
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When the average person thinks about real estate, their mind immediately jumps to homes for sale. Marketing these homes is important for landlords, and considerable effort should be made. Just because a for-sale and for-rent sign look fairly similar, doesn’t mean the approach here should be identical. Often, there are nuances and differences between the two.
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One of the best ways to diminish vacancy and turnover rates is through proper tenant screening. While first impressions can tell you a lot, you need more than a brief meeting to determine who you’re dealing with. It’s imperative that you perform a comprehensive evaluation of every tenant you consider.
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Whether it’s your first time renting a property, or you’re an experienced landlord, setting the proper rent price will help determine your financial success. Ideally, you would like to set the rent as high as possible to maximize your cash flow. However, in reality, there is more to setting a rent price than determining how it will affect your bottom line. You also have to pay attention to other external factors before reaching a specific figure.
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Even though a tenant isn’t looking to buy, they still want to live in a clean, comfortable home. They want to be proud of where they live, even if it’s not their property. If you want to maximize your rent in a competitive market, or make your property more appealing in a slow market, consider home staging. Impressively, this can significantly decrease vacancy time between tenants.
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As a landlord, you’ll quickly be forced out of your comfort zone. For individuals who strive to avoid confrontation or offending others, it can be easy to become a pushover landlord. Unfortunately, you won’t last long with this kind of reputation. You need to tackle late rent issues head-on to avoid any future catastrophes. Do you know how to effectively handle the plethora of excuses tenants will throw at you?
When moving into a new home, people often choose to sell their previous residence. Most of the time, selling makes the most sense. There are situations, however, where it’s more beneficial to rent out the property instead. It’s important to look at all of the facts, especially when making such a big decision.
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Eviction is a messy process. It’s stressful, time consuming, and often financially costly. Most landlords are lucky enough to avoid having to go through evicting a tenant, but others aren’t so fortunate. When these unfortunate cases do crop up, it’s important to follow the letter of the law. As a landlord, you can’t evict a tenant over a simple disagreement or petty matter. There are codes and laws in Houston dictating how you must proceed and when eviction is permitted.
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