Rob Kelly's Tips For Renting Your Investment Property

Buying investment property can be rewarding and yet challenging at the same time. The outcome is dependent on the type of investment property you possess and your goals for that investment. These things vary depending on whether the property is to be held for long term appreciation or to turn a dollar quickly with a “fix & flip” model. If you are choosing to hold a property for long term appreciation, then you’ll want to make sure that the property “cashflows” for a solid return on your investment. Different properties make for different approaches to determine your cashflow and appreciation. Here are a few tips to help you make your investment real estate payoff when holding for long term and leasing those properties:

• Always qualify the tenants financial ability to regularly pay the monthly rent.
• Be sure to run a credit report and a background check on any prospective tenant.
• Conduct a thorough interview with the tenant reviewing the expectations of the lease agreement.
• Execute a written lease agreement. These are concrete and enforceable when in writing.
• Collect a reasonable security deposit and include a penalty for damage that exceeds the amount of the security deposit.
• If pets are to be allowed, be sure to require a pet deposit.

To learn more, talk to Rob Kelly a ReMax Realtor.  Rob will  help you identify your goals and guide you through the maze of investment real estate.

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