Landlording

Landlording

Remember when you purchased your first home and assured yourself that if it got to be too much to handle, you could just turn around and sell it? Perhaps now you're finding yourself at the other end of that rainbow--it's not absolutely necessary that you sell your home in order to buy another. An option? Consider renting it. Rental property can be a great investment, but it's important to be well- informed before becoming a landlord.

Most importantly, do you want to be a landlord? Tenants don't normally share pride in ownership, nor are they willing to wait any longer than you are to see their refrigerator repaired or their frozen water pipes restored to order. If you'd like to rent property but leave the landlording to someone else, check with property management firms to see what they charge to locate tenants and/or manage property. While you're at it, ask about current rental rates and the supply and demand for properties similar to yours.

Acquaint yourself with state or local landlord/tenant laws including rental licenses, rent control, eviction procedures and lease forms. Consider your tax implications by consulting a tax expert. If the home you rent was your primary residence, you may lose certain tax benefits when you sell.

If I can assist you in locating excellent investment properties, reliable property management firms or lease forms, please call me.