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Rent A Property: The basics

January 20, 2013 | By | No Comments

rent a property

Tips and Trick to quickly and safely rent a property

There are a number of things to consider in a discussion of how to rent property, whether you are renting turnkey real estate or any other type of holding. Tenant placement is one of those things. There are two things to know about that. First, you need to know how to recognize whether or not potential tenants should be considered qualified renters. Second, you need to know how to locate those qualified renters.  Finally, you need to know how to properly manage your relationship with those tenants throughout the life of their lease. We are going to share some thoughts with you about all of these important topics. Qualifying renters is one of the most important things to know about when it comes to how to rent a property. Ideally, you should be looking for someone with a good credit score, a debt-to-income ratio below 45%, and a clean criminal background. Since a lot of those people would qualify for a loan if they preferred to buy, they may be hard to find. However, if you do find them, the risk that they will one day skip town on you is dramatically reduced. Since people generally prefer not to buy if they are going to be living in a place for seven years, there are still qualified renters. Finding renters is another important thing to learn about when you’re learning how to rent a turnkey property. Ideally, you would want to target your advertising to only qualified renters. However, that is often easier said than done. That is why your qualification process is so important. By advertising in local classifieds, both online (Craigslist) and off, you will receive inquiries from more qualified applicants. It’s up to you to weed them out. It is also a good idea to place a “for rent” sign in front of the property itself with your phone number on it. You will receive many calls from people passing by. Relationship management is one final area of how to rent a property which remains to be explored. Make sure you’re available to your tenants in the event they need something fixed around the house. You will want to have money in a savings account for this purpose, or at least a line of credit available. Inspecting the property a couple of times a year is also a good idea, but to be polite, you should call ahead of time.   This being said, as a turnkey investor, you won’t have to worry about any part of this process.  We will handle all aspects of the rental process and all you have to do is sit back and make sure your check comes in the mail each month.

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