Advice About Owning Rental Property
Learn all aspects associated with being a landlord before your buy your first rental property. Talk to other rental owners about the pitfalls of owning real estate in your area. Get names of reliable contractors and real-estate agents. Experienced real-estate agents who frequently deal with investment properties can help you find your prime property.
Location
Find a property in a highly populated area near public transportation and popular amenities, such as shopping malls and restaurants. The ideal property is in a safe neighborhood with a good school district. You might need to sell at a later date, so buy a property that has features that would interest home buyers. Choose a home with multiple bedrooms and bathrooms in a well-kept neighborhood. ConsumerReports.org suggests looking at properties that have an established rental track record of three years with vacancies of no more than three months annually. Examine income and expense statements to see what the property rented for and the costs associated with the upkeep of the property.
Costs
Before you purchase a rental property, search rental ads in your prospective neighborhood to estimate your yearly rental income. Subtract your expenses, such as mortgage payments, utilities, insurance, repairs, maintenance and a few rental payments for unoccupied months. Your cash flow is the remaining balance and is taxed as ordinary income. Anticipate increased insurance costs on investment properties, legal or administrative fees, general upkeep expenses and higher taxes for rental properties. Take advantage of depreciation of your property and any losses on your income taxes.
Tenants
Besides the obvious advertising avenues, such as Craigslist and newspapers, call human resource departments and relocation firms to make them aware of your rental property. Do a criminal background check, credit check and reference check on prospective tenants. CNN Money recommends tenants have at least a six-month work history and an income that's three times that of the rent amount. Be clear on rules about noise, pets and financial matters. Hire a management firm if you are not comfortable enforcing the rules.
Considerations
If you anticipate the need to sell, the lease should specify that you have to show the home in the future. A month-to-month lease, rather than yearly lease, would accommodate an imminent sale. Renting out your family home and then selling could result in capital gains tax. As of August 2010, you must live in the home two of the last five years prior to sale to take advantage of the capital gains tax exemption, according to Bankrate.com.
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