Home Add to Favorite Contact Submit  
             17 May, 2021

Category:  Articles » Reference & Education » Legal


How to Lease Residential Property for Profit

         Views: 1763
2007-10-17 13:29:15     
Article by Nicholas Fagan

Basically there are two ways to make money off your real estate investment. You can sell it at a higher price, or rent/lease it out.

Finding possible buyers is not much different than finding possible tenants for your residential property. You can place ads at apartment complexes, shopping centers, and the local newspaper. Then you can hold open houses, arrange appointments to view the property, and negotiate terms.

The most obvious benefit of renting out your residential property is that you earn money while still holding ownership over the property. Although it may sound great there can be problems. You could possibly get a bad tenant that skips payments or damages the property during his/her stay. Of course you have the authority to kick them out but the damage has already been done. You now have to deal with the costs of repairing the property, losing out on the earnings that would have been earned while you find another tenant, and the devaluing of your property because of the damage.

To avoid bad tenants you need to screen them by asking them to fill out a rental application form. You should ask for all the information necessary to do a background check, evaluate their ability to pay, and you can ask for information that could be used to track them down incase they damage your property and skip town.

After you've found your best candidate, you will need to legally protect yourself (and your tenant) with a Residential Lease. A Residential Lease is a form that lays out any terms and obligations you provide to the tenant or that you want your tenant to follow. Any policy('s) you have on things like rules on damages and repairs or your policy on subletting should be included in your Residential Lease.

The Residential Lease legally protects you from any squabbles that often occur between tenants and landlords. What if their pet ruins the carpet? What if your tenant damages the wall(s)? What if your tenant misses a payment? What if your tenant abandons the property? It's best to clear these questions up immediately in your Residential Lease than argue about them later and not be able to do anything legally about them.

Having a Residential Lease will legally protect you and your property. The benefits of having one is obvious and the consequences of not having a Residential Lease are alarming.

Specialized in: Lease Residential Property - Profit
Print article      Bookmark this page
Related Articles 
A Guide for Veterans Searching for a Highly Experienced Mesothelioma Lawyer (Popularity: ): U.S. veterans are at risk for developing mesothelioma. This is a condition resulting from exposure to asbestos. There are many other dangers associated with asbestos exposure, something that asbestos manufacturers did not reveal. In this short guide, you’ll learn more about this condition as well as how to choose the right mesothelioma attorney to help you file a claim or lawsuit.The Use of Asbestos by Branches of the United States ...
Accident at Work Compensation – Who Will Pay (Popularity: ): There is a very detailed list of laws in the UK concerning health and safety in the workplace. These laws are given by the HSE or the Health and Safety Executive which controls the access and utilisation of dangerous materials, equipment handling and noise related issues in the workplace. If your employer fails to uphold these laws then they are accountable to give accident at work compensation to the injured ...
Things to Avoid While Filing Whiplash Claim Compensation Requests (Popularity: ): Most claimants are aware of the things that they need to do while filing a whiplash claim compensation request but many claimants are not aware of the few things that must not be done. This article will elaborate on a few things that can cause your whiplash claim compensation request to be denied immediately. Never admit liability. Although it may seem instinctive to apologize for the accident and claim liability, ...
How Credit Monitoring Can Avoid Identity Theft (Popularity: ): As you know, constantly monitoring your credit will help you avoid identity theft, in the sense that you will be able to catch the perpetrator before he does much damage. While you can check your credit report every year for free, this might not be enough to catch identity theft. Credit monitoring services that require monthly subscriptions will give you alerts via email, SMS, or standard mail about changes made ...
Things you Need to remember about Online Claim Services (Popularity: ): Since the internet is the fastest way to reach a large number of people in a short time, many accident settlement companies and independent solicitors are offering online claim services. This article will elaborate on useful information about online claim services so that you can get legal help while sitting at home.# 1 - Online claim related advice is available on legal forums and in the forum of articles. Generally ...

Related Business 
Googler Property: Commercial Properties Madhya Pradesh (Popularity: ): Googler Property has gained widespread recognition in a very short span of time for delivering the most fruitful realty solutions in Indore, Madhya Pradesh. We have established ourselves as one of the most progressive Real Estate Agents in the city for serving a large number of clientele. We boast of our expertise in Selling Property, Buying Property, and Rent/Lease Property. Besides, we are also a competent Builder & Developer. Our ...
Apartments In India (Popularity: ): 4deewar.com deals with Real Estate in India. Buy, rent or sell residential commercial property. Directory for property in India. Updated with India property market swings.Real Estate in India, Property in India, Residential Commercial Property, Apartments in India. Search, buy, rent, lease and Sell Residential Commercial Property only on 4deewar.com.
Sweet Homes: Real Estate Consultant In Bhopal (Popularity: ): Sweet Homes is a competent Real Estate Consultant in Bhopal that provides valuable realty services to clients. We are a fast growing company that deals in Residential Property, Commercial Property, Industrial Property and Agricultural Property. Apart from being a trustworthy Vastu Consultant, Property Legal Advisor and Home Loan Consultant, we also have a wide range of other services like Buying Property, Selling Property, Rent/Lease Property, Construction Services and Architectural Services.
Austin Texas Rental Property (Popularity: ): AustinTenantAdvisors helps businesses search for Austin office space to lease, negotiate office leases and lease renewals, find warehouse space and commercial property for sale, purchase, lease and subleases in Austin Texas and nearby counties
New Property Junction Pvt Ltd. (Popularity: ): New Property Junction Pvt Ltd. is a registered company that deals in residential, commercial properties for sale/purchase/lease covering apartments, villas, plots, offices, shops/ retails etc. Whether you are buying or selling a home, you can't afford to work with anyone less than the best. Then why not come to New Property Junction, the best of the best, delivering honest commitment in real estate.
Property Managers Adelaide (Popularity: ): Property Managers Adelaide - If you have a property you want to sell or lease out then one of the best ways is to hire a professional property manager who can over see all of your property issues. The property manager, manages your entire property and makes sure it is on the correct selling lists, it is listed correctly, all the norms and procedures are followed, and your property manager ...
M/s. Wadhwa Real Estate (Popularity: ): M/s. Wadhwa Real Estate is a Mumbai-based Real Estate Agent that has been serving clients with effective realty solutions since its inception. We are a top-class service provider with many valuable solutions to serve clients’ interests. Our wide range of services includes Buying Property, Selling Property, Rent/Lease Property and Property Documentation. Our services are for all kinds of Residential Property and Commercial Property. Over the years, our services have helped ...
Hunting Lease Liability Insurance (Popularity: ): American Hunting Lease Association serves the hunting and recreational property leasing market with liability insurance and leasing contracts. We offer hunting lease insurance and free use of our lease agreement template. Our AHLA risk management program has many benefits including member-to-member coverage, guest liability coverage, fire damage liability and medical expenses. A written lease is required in order for your hunting lease insurance to be in effect. We do not ...
Apartment & residential property in Faridabad Haryana (Popularity: ): Luxury villas and Apartments in Delhi, Apartment & residential property in Faridabad Haryana, Residential and Commercial property in Bhiwadi, Shahpura, Jaipur Rajasthan, Residential property in India through Arun Dev Builders Limited in Delhi with Best quality & with in your Budget.
Shagun Shelters (Popularity: ): Shagun Shelters is one of the prominent Real Estate advisors in Noida, Residential and Commercial Property Dealers in region of India. Our experience has helped us grow from strength to strength becoming the most relied property real estate consultants, residential and commercial property dealers and land agent in real estate Noida. Our services include rental/lease as well as sale and purchase. Shagun Shelters is one of the prominent Real Estate ...