As the landlord of a rental property, finding and keeping tenants is the best way to protect your investment and build your wealth over time. By being proactive, you can recruit and retain good tenants.
Here’s a quick look at how to find — and keep — tenants to make your income property profitable.
Owning rental property is a time-tested way for investors to consistently earn passive income. For most first-time investors, that means buying a single- or multi-family home and charging tenants a monthly rent.
But owning a rental property involves more than finding a tenant and cashing a rent check every month. Landlords have responsibilities and legal obligations you must follow. You also want to make a smart purchase from the start that will give you the best return on your investment.
Here’s a quick guide to buying a rental property as a first-time rental property investor.
Whether you purchased your second home as a vacation home or as an investment property, if you want to sell it but don’t live close, it can be a hassle to deal with the process.
Make it easier on yourself and have a look at the following tips before you put up that “For Sale” sign in the yard.
1. Choose the best realtor
You will get the best results by choosing an experienced realtor in the area where your home is located. This is because a local realtor knows the market and what sells.
There are a number of things you can do to help ensure you receive the best offer when you’re ready to sell your home and “staging” your home is one of them.
What’s “home staging”?
The purpose of home staging is to present your home in the best possible light.
This can be done by using your existing furniture in new ways, swapping outdated pieces for show-ready ones, and/or decluttering your home’s outside area in order to focus buyers’ attention on your home’s features instead of any flaws it might have.
As you delve into the world of real estate investments, it pays to know where you can save money to help your bottom line. Whether you’re planning to become a landlord with rental properties, a property developer, or a home-flipper, using a 1031 exchange can be a beneficial way to build your wealth.
Like other tax breaks, there are several qualifications to consider and mistakes to avoid to make it work for you. Read on to find out what a 1031 exchange is and how you can use it as a real estate investor.