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How to Get Someone Else to Pay Your Mortgage

by The Estatelians on February 2, 2011 · 0 comments

Rent it. Whether you’ve purchased a property with cash, or you’re hoping the rent will pay your mortgage, rental property is supposed to make money. The good news? Rents are expected to increase over the next three to five years. The bad news? The rental market is extremely competitive. The recent influx of foreclosures has done two things: made tons of cheap houses available to investors and opened the door to a new sector of potential renters. This means you’ll likely be up against dozens—maybe hundreds—of landlords looking for a good tenant. Combine this with the day-to-day issues of owning rental property and inevitably, you will run into a few snags. However, most problems can be avoided with thorough applicant screening, an airtight lease and regular updates to the property. To get the best return on your property, follow these guidelines:

Deep clean. Consider hiring a professional cleaning service to get in all the nooks and crannies—including in the refrigerator and behind the toilet. Clean the carpets to make sure there are no lingering smells to greet potential renters. A clean property lets would be tenants know that you have high standards for your property and expect them to keep it looking great.

Spruce up curb appeal. Add mulch and blooming flowers.  A welcome mat outside helps the property look homey and serves double duty as a reminder for visitors to wipe their feet. Have the yard mowed and the walkway swept. These may seem like petty things, but people tend to shop with their emotions. The more you can remove reminders that yours is a rental property, the cozier it will feel.

Update and repair. The best renters want the best spaces.  Update kitchen and bathroom hardware and fixtures. New knobs in a modern color and a new faucet on sinks and tubs will go a long way. Paint, paint, paint. Use  neutrals, but also consider one or two rooms in a popular color. Change the light covers and sockets to white instead of beige. Visit your property at night, and turn on the lights to make sure nothing looks too dim. Don’t forget to check the big ticket items like air conditioners, heating units, hot water heaters, and major appliances. Install new appliances if you can afford it. You can recoup part of the cost from a slight increase in rent, and you’ll attract more applicants.

Get paperwork ready. The forms you will need are a renter application, tenant selection policy, and  lease. Consider each form or policy carefully and make any alterations for your particular situation. You will use the application to run the background check on every tenant you consider. When you receive their background statement, consider their credit score, their status on bills and loans, whether they have ever been bankrupted or evicted, or convicted of a serious crime. Typically, an applicant who has a history of defaulting on debts and bills will not be a good tenant. Include a non-refundable $25 application fee to cover the background check.  Be sure to ask for references from previous landlords. When pricing your property, make sure it’s is comparable to other rentals in the area. Too high, and you will see a long vacancy. Too low, and you’ll attract the wrong kind of renters. When you’ve figured out that number, multiply by three. This is the least amount of money an applicant should make per month to be able to afford your property.

Advertise. Use Craigslist – it’s free. Include a description, date of availability, the best photos you have, and your contact information.  It is important to have a good idea of who the right tenant would be. Then, you can advertise with that person in mind. Is it a single professional or a family with small children? Are pets okay? Accentuate the property’s appeal for that group of people. For instance, “Nice bungalow with fenced back yard in a great school district. Outdoor pets are OK.” Also, put a “For Rent” sign in the front yard for drive-bys.

Be Choosey. Before showing the property, save yourself some trouble by asking a few simple questions. Yes, some of them are personal, but better to ask now and skip going through the eviction process a few months down the road.

  1. How long have you worked at your present job? What is your monthly salary?
  2. Have you ever been convicted of a crime? When I run your background check, what will I see?
  3. Have you ever been evicted or delinquent on payments? What will I see when I run your credit check?
  4. Do you have pets? Are you a smoker?

Meet face to face. This is normally when you collect the paperwork to run the credit check. Listen to your head, not your heart. Emotions make you feel bad for a single mom who doesn’t have a job, or those three college guys with some issues in their background checks. Your gut tells you when someone is dishonest or manipulative. Above all, your renter should be the most financially responsible, qualified candidate.

Renting out your home doesn’t have to be a nightmare.  It just requires a little work.  Make sure your property is in great shape, advertise, and screen your applicants. You may feel like the clock is ticking, but remember, a little extra time for a great tenant will save you money in the long run.

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