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See what your free Rental Property Listings can look like!--Corona California
Why do you want to be a Landlord?
Being a landlord can be a demanding job,
requiring both business savvy and good people skills.
If you are going to undertake the responsibility for owning and maintaining rental properties,
it is a good idea to spend a good deal of time doing your homework first
to be sure to have a good idea of what you are getting into.
The old adage 'all politics is local', applies somewhat to rental properties as well.
Before you purchase your rental property, Do the Math!
in fact, run the numbers several times and consider running your possible
profit/loss calculations by a professional before you sign on the dotted line.
What are the carrying costs of my rental property?
Make a check list of all the costs associated with purchasing and maintaining the rental property.
Some items to include in your rental property purchase:
1. How much money do you have to put down? When purchasing a property to rent, lenders often require a greater deposit, and the interest rate charged to non-primary residence owners, is often greater than if this property were your primary residence.
2. What are the taxes associated with this property? Be sure to include the local real estate taxes, school taxes, trash collection fees, sewer and water line fees and rental license fees.
3. What are the insurance costs? Homeowner's insurance, liability insurance, umbrella policy, any special flood, hurricane or special circumstance insurance.
4. What are the utilities associated with this property? Heat/Air-conditioning Water Electricity Cable/Telephone (often covered by renter)
7. Add at least an additional 20% for unanticipated costs!
Remember, if the rental property is not rented, or the renter does not pay the rent, you will be responsible for all these costs! Can you handle these costs and still sleep at night?
RentalProperties.com will add a link to your rental property site for free! Just send your link and description to: info@rentalproperties.com
The information on RentalProperties.com is intended for informational purposes and not guaranteed. Please consult with an attorney or your own professional advisor regarding your specific situation.
