Is It A Good Idea To Rent A House

Yes. Whether you are considering purchasing a rental property or wanting to offset a mortgage payment with monthly income from someone paying rent to you it can be a great decision to own a rental property or for that matter many of them.

Selecting Potential Rental Properties As Investments

The best way to select a home that makes financial sense is to purchase on that will most likely rent at the median price for the area you are interested in. All you will need to do is have enough down payment to put down on the home to keep you payment affordable so you will have a positive cash flow.

Renting A House

The mortgage interest will be higher on rental homes, the homeowners insurance rate will be different and without the numbers adding up favorably the house may be a drag on your credit. Knowing your financial situation will keep you from throwing money down the drain and making yourself miserable.

Owning A Home to Build Wealth

Homes are a large investment and building home equity is the real goal of the real estate business. A good investment will generate either a positive cash flow or build the home equity you can access when needed. Home values most commonly go up and rent increases follow. In the future the monthly rent should be much higher than your monthly mortgage payments then you will truly own a dream home.

Other Expenses Of Owning A Home

One overlooked expense that can be avoided is loosing a security deposit or a financial conflict with renters. There are many factors and situations that can cause you to loose money when renting a property to experienced professional tenants. Be aware of this and only use an experienced professional property management company like us. We can save you much more than you will be paying us.

Pay Property Taxes Accurately

When owning a home you cannot homestead the house if you do not meet the state requirement. You will get caught and face other costs and expenses. You can't afford to get caught cheating the state out of money. The cost can be to great.

Many people will buy a home planning on living in it full time and getting the best mortgage payment and rates. Then they will later decide to rent the house out. On the flip side this is far cheaper than buying investment property.

Let Us Worry About Renters

Finding renters is actually easy. Finding the best renters is a little more challenging. The money you will save letting us find the best renters will only be surpassed by the stress and anguish a that bad renters will cause you. Some of the things we handle.

• The Security Deposit. There are very strict laws that cover the holding, disbursement and keeping the security deposit. This is where most homeowners mess up and ultimately loose out. It the deposit is not an emergency fund.

• Collecting and tracking each month's rent. When the rent is late we spring into action and meet all of the legal timelines. Past due rents have consequences. You do not want to loose in front of a judge because you failed to comply with the law.

• Renters Insurance should always be required. You should make sure it is paid in full and not cancelled early. This can be done by a management company with the right systems in place. Your insurance may not cover the damage covered by renting pros without insurance.

Maintenance Costs & repairs

When renting you will need some money set aside for routine maintenance costs and also for repairs. Things break and they seem to break more often with renting than with owning and living in a property. We keep those costs down by having a maintenance team to work on the houses we lease out. No need to choose a worker at random and hope for the best as ours are proven.

Property Values & Your Financial House

Just you can can keep your finances in order. You can trust us to protect your property values when renting and trying our best to keep your repairs costs to a minimum. Contact us today to discuss local real estate and protecting your home value by using our management services.

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