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How do you feel about landlords that require you to fill out an app prior to seeing the rental property? My daughter is a CO, has a perfect rental history, and a very high credit score. We ran into this while she looks for a rental.“How do you feel about landlords that require you to fill out an app prior to seeing the rental property? My daughter is a CO, has a perfect rental history, and a very high credit score. We ran into this while she looks for a rental.”I have a certain sympathy for landlords. It isn’t an easy way to make a living. You have huge capital tied up in immobile investments. One destructive tenant can wipe out the profits from 20 good ones.If you want a landlord who will show the property without asking questions until and unless you show an interest, you can probably find that. We had that when we rented our first apartment after retiring and selling our house (Liberty Lake Apts in Boise ID - great place BTW, we recommend them). The nice office lady showed us around the complex, and let us inside an empty unit just like the one we eventually rented. (That empty unit was already promised to someone else; the one we eventually rented was still occupied). Then we went back to the office and filled out applications.But anyways, it all comes down to supply and demand in a free market. If you want a landlord who asks no questions, you can find one. Probably a “slumlord” who doesn’t maintain the property and has lots of anti-social, destructive tenants who would make dangerous neighbors. If there is a glut of housing in your market, you can find landlords who bend over backwards to court you. If there is a housing shortage, you have to play by the landlords’ rules.
What do I need to know to purchase a small rental property?There are two important things you need to understand before you invest in Buy & Hold properties.1 - Return On InvestmentYou need to ensure you can make a return on your investment that meets your criteria. This means understanding your rental market to know how much you can charge for rent as well as estimating your operating and financing costs. Many new landlords fail to realize a profit from their investment and quit the business because they didn't spend enough time on this step.Rental IncomeThere is a general rule that you should look for gross monthly rents of at least 1% of your purchase price. For example, you should expect to be able to charge at least $1,500 per month for a property that costs $150,000.This doesn't guarantee profitability but it is a quick guide to understanding if a deal is worth pursuing or how much you can pay for a property and still expect it to be profitable. Don't forget to account for vacancies which can easily run between 5% and 10% of annual gross rents.Not sure how much you can charge for rent? Try the free tool at Rentometer for a rough idea of fair market rents in your area.Operating CostsUnderstand your true operating costs. Many new landlords signNowly underestimate their operating expenses such as Property Taxes, Insurance, Maintenance & Repair, etc. Knowing these expenses and how to minimize them is key to building a profitable rental business.Read more about how to grow rental profitability.Financing CostsAs an investor, you should know that you will be charged a higher interest rate to finance your investment property. Non-Owner Occupied rates usually run about 0.5% higher than Owner-Occupied rates. You will also be expected to contribute more in down payment - usually 25%.There is a way around these extra expenses if you are willing to live next door to your tenants. Read more about House Hacking as way to break into real estate investing on the cheap.2 - Property ManagementThe second thing you need to understand is what it takes to manage a property successfully. This is equally important whether you decide to hire a Property Manager or self manage your properties. However, I highly recommend self managing your first rental or two so you really understand the ins and outs of property management and will be in a better position should your business grow big enough to require hiring a Property Manager.Good LuckDomenick | AccientalRentalPS - Read my Top 50 Landlord Tips for more helpful tips if you are seriously considering entering the landlording business.
How long does it take to rent out your rental property?Many variables affect this. Popular locations, features, accessibility, rent amount, how discerning you are about tenants. No easy answer.We have a furnished, 530 square foot condo in a very central downtown Vancouver BC location with transit accessible in the building. More than once we’ve received keys from an outgoing tenant, cleaned, done minor paint and repairs and handed keys to the new tenant the same day. Great but a bit stressful!Another property is beautiful rural acreage with a gorgeous three bedroom home an hour from anywhere signNow. That took three months to rent. Be sure to budget for untenanted time.Rent is the same for both places. Location, location, location!
How much does it generally cost to clean up rental property after tenants move out?It varies drastically, based on what level of cleaning is required, and what area of the country you are located in.If there’s not a lot of mess, and there’s nothing that the tenants are leaving for the landlord to have to haul away, then a pro wash down of everything, including the carpets could cost a landlord as little as $800 — assuming there’s very little patching needed, and you have half a can of paint left over from the last time you painted the place, and only need to touch up.But say you had someone who smoked in the place — when they were not supposed to do so. Depending on the level of remediation required, that will generally run you anywhere from $5,000-$15,000 to return it to a non-smoking apartment, for a 2 bedroom, 1,200 square foot unit.A forced air heating system means you’ll need the ducts scrubbed out; if you have asbestos flocking (“popcorn”) on the ceiling that you have to clean to get the smoke smell out … then you are talking some serious dollars: $3-$7 per square foot of removal is about average for a contractor to do asbestos removal. So add another $3,600 to $8,400 dollars, if there’s that.This is all prior to you even being able to patch and repaint, or even rip out and replace the carpets — which you typically need to do before renting the place.And God help you if you try to repaint over the smoke smell, instead of actually cleaning it: the smell will not go away, and will end up seeping out, meaning expect to only be able to rent the place for 70% or so of fair market rent until you pay to clean (if you can even get that, which you probably can’t, from a non-smoker or an asthma or allergy sufferer). Proper cleaning will require stripping that new paint off the walls first.
I want to start investing in a multifamily rental property. How were these properties affected during the recession and what should I look out for?Define what you want to purchase. Are you looking for residential 2–4 units or commercial 5+ units. The loan structure is different for both- typically on residential you can get a 30 year fixed but on commercial you will get an adjustable rate mortgage.Location: Do you want to have the property in your area? Do you plan on self managing. Also if you use a program such as FHA, you can live in the property and rent out the other units. This is a way to see if you like managing properties. Or you can look out of area, or even out of state.Know your LL tenant Laws. Evictions, late rent, lead paint laws, pets, etc these vary from state to state.Learn how to analyze deals. The 1% rule is a quick test, monthly rents should equal 1% of the purchase price. For example, 200k property 2 units, 1k rent per unit, this is exactly 1%.. So it would make sense to analyze this deal further (at least in my market)
How often should I refinance to cash out equity from a rental property?Never, if you know what's good for you!When you dispose of Section 1250 property, any depreciation allowed or allowable is recaptured. The tax rate on depreciation recapture is higher than the long term capital gains tax rate but it is capped at 25%.If you are constantly refinancing to cash out equity it's very possible to have insufficient cash on the table at closing time to cover your tax liability.
How do you find out the market price to rent out your rental property in the US?In the real estate world, this is called “finding comps” or comparable properties.Be realistic when finding compsa two bedroom with a private entrance and waterfront accessibility/rights with off street parking for two is worth more than a two bedroom on the forth floor in mid town with no assigned parking .the best way to do this is open up a search for like properties and see what they are renting for.how long are they staying in the ads for rent?if they’re staying a long time, they are over priced.if they disappear within a few days, they’re probably priced a few hundred dollars too low.the best place to be is about $100/mo below average rate for your property, this way you have multiple renters to choose from and if they do move out you can quickly get your property re-rented.The key is to find someone with a stable rental history and good references, not necessarily the most rent you can get per month.A highly priced rent is more likely to get renters to turn over often and even seek to break a lease because the rent is too high.you can go several months with no rent trying to get your unit re-rented. This is not worth “squeezing” another one or two hundred per month out of a tenant.
How do I make my rental property stand out?Here are 9 tips for getting your property ready to rent:These are 4 basic things to do-1. Test and service appliances2. Clean and deodorize3. Search for and eradicate mold4. Re-key or change the locksThese are 5 little pricey but essential steps before making your property stand out:5. Paint the walls6. Spruce up the landscaping7. Clean or replace curtains and window screens, and wash the windows8. Service the central air system9. Restore hardwood floorsDon’t be afraid to spend money to make a unit ready to rent.Check more property related blogs and news: Blog Archives - Property ePortal