With rental properties, finding a good tenant is like finding a treasure. Good tenants pay their bills, take care of their units, and obey the rules stated in their leases. The trouble is that some tenants will not be the best tenants in the world, and this is why it is important to set up a good system to use when your tenants violate parts of their leases. Here are some of the components of an effective system to use for dealing with this common problem.
If you recently purchased some land to build a house on, the first step you should take is getting approved for a home loan. Once you do this, you can hire a contractor to build the house for you. As you prepare for this, here are several challenges you may face during the process of planning for your new house and actually building it.
Putting In A Basement
Putting a basement under your new house might be something you hope for, and this is typically possible with any land you purchase; however, there are several things you should realize.
If you're just setting out to buy a condo, you are likely looking forward to the lower costs and freedom from mowing the lawn and other maintenance tasks. A condo can be a smart purchase, but if this is the first such property you've bought, you need to use these tips to ensure that you're happy once you move in.
Secure Financing Right Away
One of the first things you've got to do to make this a simpler process is to get your mortgage loan pre-approved now instead of waiting until you see a condo you like.
As the owner of several rental properties, it is simply logical to hire a property management company to handle all of the mundane tasks that come along with the rental business, such as collecting rent, advertising vacant properties, and tending to repairs. While most property management companies offer similar types of service, there are some that offer extensive services that can prove to be quite valuable to you as a landlord.
When a seller accepts your offer on a home, you will be required to provide the person with earnest money. This deposit, typically equal to 1 to 2 percent of the purchase price, essentially signifies that you are serious about purchasing the house. If you fail to go through with the sale for any reason except those outlined in the contract, the seller gets to keep your earnest money. Here are two contingencies you should put in the sale contract that can help ensure you get your deposit back if something goes awry.