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             26 November, 2020
 

    
Category:  Articles » Reference & Education » Legal

 

How to Lease Residential Property for Profit

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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
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