Crucial Questions…………….

Do I have the market knowledge to buy a rental property at or below market value and know which areas and locations in my community rent better than others and have lower vacancy rates? As I have stated before this is a critical issue to your success as a landlord. Buying the right properties in the right location and right condition makes all the difference in the world as to your success. Buying the wrong properties, in the wrong location and in the wrong condition will get you out of this business so quick your head will spin. Or worst yet, not being able to sell or liquidate your properties in a timely manner will make your life even more miserable than you can imagine. So RULE #1 –  before you starting spending money, acquire some real estate market knowledge, investment property market values, and market conditions about your community first. Trust me, investing some time in acquiring knowledge and doing research in the beginning on the investment property market will save you a lot of money in the long term. I have been doing this 29 years and I am still learning.  To see more of my crucial questions visit my website at www.managementofrentals.com

Crucial Questions for the rental business……

Do I have the self confidence to knock on my tenant’s door when I can see that they are breaking the lease and discuss it with them? If you are afraid of or avoid conflict and confrontational situations then the rental business is definitely not for you. See above, you will be miserable in this business if you have these personality traits. The rental business isn’t for everyone, and you must either come into the business with thick skin or develop it very quickly. If you don’t, this will not be a pleasant experience and you will quickly seek to get out of it. I’m not saying you have to be overly aggressive and seek out confrontation, but you will be tested constantly by your tenants to see what your reaction is and if they can bully you in anyway, then you will have major problems being successful in this business. Visit my website to see all 16 crucial questions at www.managementofrentals.com

Q.) Can I shut utilities off if my tenant isn’t paying?

A: No, this is illegal in my state and while I know it takes great willpower not to do this at times when tenants are not paying you should never do this. Plus in the winter time if you have cold weather it could cause damage to your property by not having heat in your property if it hasn’t been properly winterized.  To see more of my FAQ’s about the rental business visit my website at www.managemnetofrentals.com

Crucial Questions!!!

 Do I know how to deal with lenders and real estate professionals when I start my rental business? This is crucial for you to be successful. This goes back to acquiring real estate market knowledge and investment property values before you even start in this business. If you start into the rental business with out any knowledge and hope to just learn as you go………you will learn the rental business………….at a very steep price!!! Let’s just say that not every realtor or lender will be looking out for your best interest or even have enough market knowledge to be a trusted advisor and represent you. Some agents are more competent that others in this market just as some doctors are more competent that others and are considered specialists in their field of expertise; as that is what they do day in and day out; the same goes with real estate agents and lenders. Try to affiliate yourself with a competent professional in both fields, real estate and lending, and it will go a long way in helping you be successful. To hear more about my 16 Crucial Questions before you get into the rental business, visit my website at www.managementofrentals.com

High Water Bills…………….

You want to make sure that when you do any plumbing repairs to use good quality parts and spend the extra time to get the repair done correctly. Believe me after you have paid a couple of extremely high water bills for poor quality parts and craftsmanship for repairs you will understand. For more information about rental property management see my website at www.managementofrentals.com

Q:Do I need a rental application and lease to rent to a tenant?

  A: Absolutely, never move anyone into your rental property without them first signing a rental agreement or lease. This agreement should have all the landlord and tenant rights and responsibilities include in it. Verbal real estate contracts are not enforceable and legally binding in my state and I would suspect in most states it is imperative that you have all the terms and condition of their tenancy in writing. For more information visit my website at www.managementofrentals.com