8 Tips To Becoming A Successful Landlord

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How To Become A LandlordHow To Become A Landlord

The ultimate goal of investing in rental property is to turn a profit.  To ensure that you achieve that goal it is essential that you follow several critical guidelines. Most of us dream of becoming a landlord but it an easy or a difficult job? Before you start searching for a home to rent, you should think about the responsibility that comes with being a landlord to your tenants. If you’re interested in investing in real estate, the single-family rental market might be a good option. Being a landlord can be a profitable venture that provides a steady income stream while your property appreciates in value. You might also be able to enjoy certain tax advantages while you build equity in the home.

Here are 8 valuable tips for becoming a successful landlord and start a rental property business.

1. Screen Your Tenants

First, always make sure that you check tenant references. This is the first step of becoming a successful landlord. This can be a burdensome step and many landlords overlook it because they feel as though they have good instinct when they meet with the tenant.  But not checking references can lead to a number of problems later on.  You will uncover a wealth of information about potential problems before you rent to a prospective tenant. It’s also worth the time to do a background and credit check on all potential tenants. There are several online tenant-screening services available, and you should be sure to check potential tenants’ credit scores. You should also conduct an interview to make sure you’re comfortable interacting with them, and check references, especially from employers or past landlords.

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Mortgage Interest Deduction on the Chopping Block?

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A tax break that has long been untouchable could soon be in for some serious scrutiny. Many home buyers deduct their mortgage interest when assessing their tax bill, a perk that has helped bolster the income of millions of families – and the broader housing market. But as President Obama and Congress try to hash out a deal to reduce the budget deficit, the mortgage interest deduction will likely be part of the discussion.

Limits on a broad array of deductions could emerge in any budget deal.  It is likely that any caps would be structured to aim at high-income households, and would diminish or end the mortgage tax break for many of those taxpayers.

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The Real Estate Indicator Screaming "Buy"

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Buy Real Estate NowI just locked down a 2.875% interest rate, fixed for the 15-year term of the mortgage. No points. With rates like these, I find myself rethinking the idea that I want to pay off my mortgage.

I can do a lot better than 2.875% investing the money. If I just sock it away in gold, I bet I’ll come out way ahead. Finding investments that clear such a low hurdle is not that difficult.

Right now is a great time to do this, if looked at from a historical perspective. The 10-year Treasury rate is 1.64% as I write. That is what investors are willing to accept to lend money to the US Treasury for a 10-year term. It seems absolutely crazy. But the Treasury rate we see is something of a forced smile.

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Jacksonville, Florida Investment Property

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Florida is back!

We just released our latest real estate investment in Jacksonville, Florida.  These are fully refurbished foreclosures within the greater Jacksonville market.  The properties are all tenant occupied and managed by a professional management firm.

The properties provide investors with a positive cash flow of $100 to $250 per month (assuming a 20% down payment), generating a cash-on-cash return of 9.4% within it's first year of operation.

Additionally, all our properties are 25% below market value.  And many are up to 30% below market value.  That is a tremendous return on your investment of 20% down.

These are 3 and 4 bedrooms single-family homes, with 2 to 3 baths, and up to 2 car garages located in desirable neighborhoods.  The fact that they are like-new and fully refurbished makes them an attractive turnkey for novice as well as seasoned investors.

Download the Free Investment Report here: Jacksonville Investment Property

Atlanta Investment Property – Only $5,000 Down!

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Atlanta, Georgia Investment Property

We are pleased to offer investors our latest great deal.  You can buy Atlanta investment property with only a $5,000 down payment and start with a 25% instant equity position plus positive cash flow.

This turnkey real estate investment caters to investors who want to own but do not have the time, the resources, or the experience to get it done.  This tremendously reduces your risks and saves you money throughout the process.

INVESTMENT HIGHLIGHTS:

  • Positive Cash Flow on Every Property: Get gross positive cash flow on every property without having to use an interest only loan or pay down large sums of cash. Invest in one of the few markets in the country where this is possible.
  • 25% Equity in Every Property: This instant equity strengthens your financial balance sheet from day one and allows for multiple exit strategies.
  • Easy, Permanent Financing with our Preferred Lender: Deal with a lender who understands our business and gives you the best rates and closing costs on the market for investment properties.
  • FREE Tenant Placement: The builder pays your 1st tenant placement fee, which is equal to one month's rent (approx. $1,000).
  • 90-Day Warranty on Repairs and Maintenance: The builder stands behind their rehabs. They will pay for all rehab-related repairs and maintenance including unforeseen plumbing and electrical issues for 90 days.
  • 1-Year Builder's Warranty:  Included with every purchase.
  • Property Management Included

Download the FREE Property Report here: Atlanta investment property.