Renting your property.
Converting your property to a rental property is something you should give careful consideration to...
Some things you should consider are: the neighborhood, the cash flow, the condition of the property now (and later), your ability to make minor repairs, any capital gain implications, and your ability to deal with people.
Being a Landlord is a people business, more than a real estate business...
Most Landlords make several mistakes:
1) they fail to have adequate reserves (3 mo's mortgage payments) in case of a vacancy or eviction.
2) they fail to budget for maintenance. This is something you should be able to do yourself, or at least budget for.
3) They fail to budget for Replacements, i.e stoves, refrigerators, carpets, painting or capital improvements, i.e roofs, heaters, gutters, sidewalks.
4) they fail to aggresively collect the rent on time.
5) they rent the property sometimes to a less than responsible tenant in order to avoid a Broker's fee.
Many of the problems in the vacancy, eviction and rent collection can be accomplished by careful screening of the tenant. I can provide that service and show you the steps along the way, so you can do it yourself next time. The lessons and experience will be worth 10 times my fee!
Right now, the rental market, is pretty hot. Rents are up. Redone properties are in demand. As I mentioned before, rents have nothing to do with your costs. They are a factor of supply and demand, the economy (local, regional and national), and the tenant's abilty to pay (income).
Rental Services: we can find and screen the tenant, show the property, prepare leases with adequate renewal clauses, admit tenant to property, collect the security deposit and 1st months rent for a nominal fee that could save you in future vacancy costs.
I've been serving the Southern NJ Real Estate Community since 1985!
Call 856-424-4040 ext 133
or Email: email@example.com