So you want to be a Landlord

Perhaps you've thought about becoming a Real Estate Investor. My husband Dennis and I own several rental properties so we're big believers that owning Real Estate can be an excellent element of your long term financial plan.That being said if you're going to get into the rental business you need to go in with your eyes wide open. Its not a make money easy plan - there is no such thing as 'easy money'... Owning revenue properties is a business/job - its work but there are benefits. There are 3 ways to benefit from owning revenue properties : 1. the tenant by paying rent will pay down the mortgage  2. you may have additional revenue each month -meaning the rent covers the principal, interest and taxes and then some 3. the property value appreciates To be successful in the rental business there are some keys to follow:  Choosing the right revenue property is key - the property you offer will effect the tenant you attract. An experienced mortgage broker can fill you in on the requirements of qualifying for a mortgage and how much $ you will need to have as a down payment. Secondly setting up an appropriate legal lease is extremely important so you avoid misunderstandings between your tenant and you plus it prevents getting yourself into a legal bind. Lastly managing the property and its maintenance is important - be prepared that furnaces break down or toilets leak some people choose to look after these sorts of issues themselves, others choose to have reputable service people available to look after these issues and some prefer to hire a property management company that for a fee will look after issues.What type of revenue property and in what price range is the best? How do I find quality tenants? What issues are important to include in a lease? These are questions I can assist you with. Contact me and I'd be happy to guide you in finding just the right revenue property and setting up a successful rental business.

   

Brenda Bowness

Brenda Bowness

REALTOR®
CENTURY 21 Advantage
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