Selling an income property can sometimes be more complicated than selling your home residence, especially if it is occupied. Tenants may not put the same effort into making a home showing-ready as you would, so you will have to be more vigilant or wait until they have moved out to begin the process. Before you list, consider these important points. Talk To Your Tenants If you have people living in the property you want to sell, you should let them know about your plans to sell and discuss the process with them. Since they will have to move, they may decide they want to be out sooner rather than later. However, if you are beginning to show the home right away, they will need to be ready and able to cooperate with showings. Set up times when it is acceptable to them to show the home. Be sure to work around their schedule; after all, it is their home and their things inside the home. Tenants will be more likely to help prepare the home for showings if you are considerate of their time and needs. Hire Someone For Yard Work If your tenants usually do the yard work themselves, […]
Read More
The appeal of income properties and the potential for what may seem like easy money and early retirement have likely crossed the mind of anyone who has heard of this business venture. There is a lot more to consider before entering the income property game, however, than simply purchasing a property and watching the dollars roll in. Here are a few things to consider before launching into your new career. Can You Recognize An Income Property When You See It? There are a lot of features that make a good income property. Whether you are considering flipping it for a profit or renting it out to potential tenants, knowing what to look for is more than half the job. Can you realistically estimate what the cost of renovations to the property will be? Do you know what the value of the home will be after the renovations, based on its size, location, etc.? Do you know what the market rent would be for the property? If you can’t answer any of these questions you either have a lot of work to do, or you may want to reconsider. Not Scared Off? So you think you can reasonably identify an income […]
Read More