How to Find A Tenant
REM #A725
By Ilyce R. Glink
Summary: A reader has just made her first investment in a rental property. Ilyce provides her with advice on how to find a tenant and what books to read to make her first investment pay off.
Q: I’ve just bought my first rental property. Do you have any advice
for me on renting it out? And, do you have any recommendations for books I should
read?
A: Congratulations on purchasing your first rental property. Let me be the
first to tell you, making it a financially successful endeavor takes a lot of
hard work and plenty of patience.
The most important thing you can do to make your investment successful is to
find good quality tenants. There are a lot of ways to do this. But offering
a great property at a great rental price will yield tremendous results.
For example, when Carole places an ad to rent her Oakland, California rental
property, she puts it on the market at a very competitive rate – or even
slightly below the going market price. She will typically get dozens of potential
renters knocking at her door from a single ad. The last renter she had offered
to repaint the unit for her if she would let him sign the lease.
In addition to offering the unit at a competitive price, be sure to follow any
local rules or regulations on tenants. You don't want to run afoul of any local
laws.
As far as books go, I like anything by Robert Irwin. I also enjoy reading Robert
Shemin's books, like the Millionaire Real Estate Landlord. For tax information,
Nolo Press publishes Every Landlord's Legal Guide, which I've found helpful.
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
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