Ideas for profitable landlording

There are many good ways to get tenants in your vacant homes. I will going over some and I’m sure there are more that you could add to this list.
The first tip I’ll go over is the deposit. The deposit usually is 1 to 1½ months rent. Some renters have a hard time coming up with this plus the rent. I would consider breaking that payment up over 3 months. This allows you to get more renters and keep your units filled with paying tenants.
The second thing I do is always call your property manger about 1-2 times a month. This keeps you in touch with what’s going on with your properties. You can make better decisions on your properties by knowing what is going on with them.
The third idea I use id advertising. If you have a problem rental (all vacant ones are) then advertise it. I don’t expect or depend on my property management to do this. Most of the time they will have tenants in place but every once in a while you’ll need to do more. Example would be running ads in the paper with the property managements phone number. Always call them and alert them with what your doing. Craigslists is also a great place to advertise, it’s free too! If possible you may need to be a little cheaper than everyone else, and that would be temporary and get yours rented quicker.
The 4th Idea is If you have a one bedroom a weekly rate my be better. All that means is that the rent is paid weekly. It doesn’t mean that you only rent it for a week it just mean that’s how they pay. Rates run from $100-$135 a week. Some people budget there bills weekly and this works well for them and makes you more money. 52 weeks in a year give you an extra 4 weeks pay (4*12=48-52=4 weeks). We this type of renting a lot in Indiana.
The 5th Idea is to get a home warranty when you purchase the home. The inspection will give you a hard copy so that the warranty company cannot come back and say that the repair you need was pre existing. I just had a plumbing and roof problem taken care of thru my insurance in Indiana.
The 6th Idea is to keep great records on your rental properties. Your HUD 1 (closing statement) is a great starting point. You can put what you paid for it and the fees associated with the purchase. As you collect rent and pay bills you can update your data base or spreadsheet. This ls great for taxes and knowing your profit.
Brett Young Valley Realty http://www.rooftopprofitmax.com/