Last year, my wife and I joined the league of accidental landlords. We were upside down in our home and couldn't sell it without taking a big loss. So after relocating for work, we decided to rent our house out. I thought it would be a simple endeavor to charge enough rent in order to cover our mortgage payment each month. But that was hardly the case when the rubber met the road. There were several important factors I neglected to take into consideration that hampered my return. I was struggling just to break even. With a mortgage … [Read more...] about The Trials, Tribulations, and Struggles of a First-Time Landlord
If you’ve recently become a landlord or are considering purchasing a second home for renting purposes, you’ve likely been introduced to a large bevy of responsibilities and duties you never expected you’d have. You can also find many mistakes landlords make. While renting out your property can be an extremely lucrative business venture, many enter the realm of rentals without proper knowledge or education on the subject and find it’s not as easy as expected. We’ve laid out the top mistakes landlords make when they run into, and the … [Read more...] about The Top 7 Mistakes New Landlords Make
This is the next installment in the Reader’s Questions Series, which highlights questions emailed to me by you, the readers of Money Q&A. Be sure to find out at the end of this article how you can receive a free copy of Dave Ramsey’s book, The Total Money Makeover if I feature your money question on a blog post. If you’re not familiar with Dave Ramsey’s book, you should run right out and get it. It’s one of the top ten best personal finance books you should read. Today’s question comes from Jeff who asks about renting … [Read more...] about Reader Question – Can I Rent Out Property After Hiring A Property Manager?
Buying investment property is stressful. Buying investment property typically means taking your personal tastes out of the decision. But, paying close attention to details that will make the home pleasing to future tenants. There are so many things to consider when buying an investment property, that it is a good idea to learn as much as you can beforehand from real estate investment experts like Than Merrill. However, here are some basic tips for buying investment property. Tips for Buying Investment Property Get … [Read more...] about Top 5 Tips for Buying Investment Property
Whether you have recently left home or full time education or your circumstances have changed, taking responsibility for paying your rent on your own can be a daunting prospect. Probably your most important outgoing will be your rent cheque, be that owed to a property management company, a private individual, local authority or a relative. Paying your rent and in line with your contractual obligation takes some organization. For even more practical and clear advice on subjects ranging from universal credit to where to get help if you fall … [Read more...] about Coming To Grips With Paying Your Rent On Time
This is a guest post from Emily Guy Birken who writes at One Money Design. Now seems like the perfect time for investors to get started in the landlord business. The housing market is still recovering, which means that home prices are reasonable, interest rates are low, and rents tend to be relatively high. Under these circumstances, buying a rental property seems like a no-brainer. However, owning an investment rental property is not all about pushing wheelbarrows of passive income to the bank. Being a landlord comes with many risks-and … [Read more...] about Are You Ready to Invest in a Rental Property?
Getting your house ready to rent is a lot like getting it ready to sell. There are several things that I have learned about renting my house along the way that have greatly helped speed up the process. And, there were a few stumbling blocks too that could have tripped me up getting my house ready to rent. Here are ten lessons that I learned about renting out my house and hopefully it will help you as well.
Ten Things I Learned About Renting My House
First Impressions Matter
The other day we were surprised with a tree that fell down in our … [Read more...] about
More homeowners are finding themselves as accidentally landlords recently. Whether you are moving for a new job or relocating to be closer to home, many Americans are finding that they cannot sell their homes for what they owe on their mortgages. But, do you know the right questions to ask a property manager? So, if you are a landlord, the next question becomes whether or not you hire a property manager? A property manager will help you find tenants, fix problems with your home, and collect the rent or do you do it all … [Read more...] about Twenty Questions To Ask A Property Manager Before You Hire
Buying a house is still part of the American Dream. There are several great benefits of buying a house that you should be aware of. While today’s housing market and the significant lack of available credit makes owning a home more difficult, it is not impossible to purchase a home. With good credit and a down payment, you can find a mortgage to purchase a new home. LendingTree.comRenting should not be your default option when there are so many great benefits of buying a house. Four Great Benefits Of Buying A House Forced Savings One of … [Read more...] about Top 4 Great Benefits of Buying a House You Need to Know