Writing a lease agreement is a huge part of owning a rental property. You want to make sure you cross your T’s and dot your I’s so that you are covered no matter what comes up. If you have never tackled a lease agreement before, here are a few things you need to consider including:
1. Limit the occupancy –
If you are going to be renting a property then you need to make sure you limit the occupancy. Otherwise there is a chance that way too many people could end up living in your property. This will help you determine exactly who lives in your property. For example you only want someone in there who you’ve screened thoroughly and who has agreed to the terms of the lease.
2. Rent amount and due date-
Something that you absolutely must include in the lease agreement is the rent amount and the official due date. You need your tenants to agree to the monthly rent and the date that it is due on. From time to time there will be a tenant who tries to pay partial rent or who wants to pay their rent late. While you may be tempted to let them slide, you have to realize the fact that every day you let them stay there without paying rent, you are losing money.
3. Policy for animals-
One of the most important things you need to include in your lease is a section on pets. You want to make sure you are very clear and what type of pets you want living in your rental, otherwise you could end up with excessive wear and tear. Some people choose not to allow any pets, which is probably the safest route you can go. There are, however, plenty of animals that will not harm the home so the decision is yours.
At Real Property Management East Valley, one of the services that we provide is writing the lease agreement. We can help you come up with a lease agreement that will be in your best interests. Call today for a free estimate! (480) 719-1243
Investing in real estate is a fantastic way to make to make some good money in the short-term and long-term. You can either purchase a property and turn it into a rental, or you can buy something and then turn around and sell it. Whichever way you decide to go, you’ll want to make sure you get a good deal. Here are three things you can do to find a deal on a good property:
1. Find something that needs repairs- One of the easiest ways to save some money on a property is to buy something that needs to be fixed up and then do the work yourself. Many buyers will pay extra for a house that is move-in ready. If you get something that needs to be repaired then you can save several thousand dollars.
2. Get something outside of the city- Sometimes one of the best ways to get a good deal on a property is just to go a little ways outside the city. The homes that are in the city will generally draw a premium and if you want to avoid spending a fortune then you may have to go with a different location. Looking for a property that is a ways out of the city can mean more square footage, a bigger yard, and a smaller price tag.
3. Get the right realtor- One of the best things you can do to make sure you get a good deal on a property is choose a good realtor. You want to find someone that has an excellent track record and really understands your wants and needs. They will be more concerned with listening to you and getting you what you want than they are with making a quick sale. They’ll be able to point you to new listings that come onto the market as soon as they are available.
If you decide to turn your property into a rental to start getting return on your investment, Real Property Management East Valley can help. Call today for a free estimate and to find out more about the personalized services we offer. (480) 719-1243
Over history, one of the most sound investments that a person could make was in real estate. While the real estate market has changed a lot over the years, it is still a really great place to make some money. Here are three real estate investment strategies for those looking to get their feet wet:
1. Buy and sell- One of the most popular real estate investment techniques of recent years is buying and selling. Investors will find homes that are for sale that need some work and will purchase them, do the repairs themselves, and then sell them again for a profit. If you know what you are doing, there is a lot of potential to make some really good money. Many people are excited about the potential profit in flipping a home but make sure you know what you are doing because there is no guarantee that you can make money.
2. Buy and rent- For some people, buying a property and turning it into a rental is the ideal real estate investment. They like the idea of something that will be long-term and will bring them income every month. It does take a lot longer to get your initial investment back, but once you do then everything on top of that will be pure profit.
3. Buy some land- Another great investment strategy for someone wanting to work with real estate is to buy some land. If you are thinking about buying land you need to be aware of the fact that it could be a long time before you find the right person or company to sell to again. As communities continue to grow and as the economy flourishes there will be demand for more land.
If you are looking to buy a property and turn it into a rental, RPM East Valley can help. We have over 20 years experience managing rentals and will be able to help you fill your property with well-qualified, paying tenants. Call us today for a free estimate! (480) 719-1243