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Announcing the 3 Most Valuable Tips on How to Rent a House Out

April 16, 2012 | Comments: 0 | Views: 63

Investing in Renting out homes is one of the greatest income generating tactics one should pursue.

Valuable tip #3: Do not buy low.

We are not "flipping" homes. We are creating sought after homes that everyone will want to rent out. This gives YOU plenty of choices to choose whom you would like to rent out your home. It does not have to be the most beautiful home, just somewhere someone can feel comfortable living in with his or her family. This means maintaining up-keep of your home and "happiness" of your tenants. The location of your home in which you want to have rented out should be one that has benefits. What do I mean? If there are shops, parks, public transportation etc... This would insure your home to be sought after and fill vacancy quick to begin your long term wealth.

Valuable tip #2: Leasing and its importance.

When you have gotten your first tenants be sure to do these steps before you give the tenants a chance to move in. Go through the home, with the tenants, and mark everywhere there are already damages, which there should be NONE if at all possible. After you have gone through the home make a copy of your markings and hand them to the tenants for their records. This is to ensure both you and your tenants happiness and to be certain that both parties know the current condition of the home. Drawing up the lease is the single most important aspect of renting. This is how you create your long term wealth There are key features to a contract that you should be sure to include. It's very important to get a lawyer to look at your lease and ensure you are not leaving anything out. Remember, this protects both you and your tenant, so it is absolutely critical to get right.

Valuable tip #1: "Maintain" your Wealth.

Properly maintaining your property is very important. Studies have shown that the number one reason tenants renew their lease is because it has been maintained well! So what that should mean to you is that if you leave things to deteriorate or they are ignored tenants will end their lease. Be very responsive to your tenants. Fix things your self to save some cash, or since I know you are successful with your property investments you can just hire out the work. In your lease you should state in detail how long it would take you to fulfill a work order. This should be no longer than 24 hours at the most. This is key to maintain longevity. If you feel that it could take you long contact your tenants right away.

Remember and this is important, there is a fine line when it comes to things that break through no fault of anyone or through tenant negligence. You have to use your discretion to determine whether or not you can charge the tenant anything for the repair.

There are tons more of these valuable tips and insights that I offer on a weekly basis. Providing current and up-to-date information on investing in homes. To read more on tips please visit here or here

Source: EzineArticles
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