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INVESTOR GUIDE: 3 common mistakes when RENTING OUT your property
Dated: January 19 2023
So you've made it - you just bought your investment property, thanks to all of the tips I shared last time. Congratulations! Now, how do you actually become a good landlord when it comes to renting it out to potential tenants? We'll answer that question with the three common mistakes when renting the property, and what you should do to prevent them.
#1: Repair deductible
As a realtor for two decades and as an investor, I've seen this argument over several occasions whether you should charge or not when it comes to repairs. My tip - check the problem while it's small, or better yet just have things repaired in advance before having it rented out. But worst case scenario, no repair deductible is the way to go for me.
#2: Poor marketing
Not saying this as a realtor, but a great marketing strategy goes a long way, not only in the rental market but also in the event that you have to resell the home. Make sure to work with the right realtor to get things going.
#3: Deferred maintenance
Don't let your home get frozen in time! Do the upgrades and repairs right away before renting it out. I've said it many times and will say it again, but a huge part of becoming an investor is the preparation of the investment property. Have the right upgrade and repairs rather than ignoring those maintenance that would've been attractive in any rental market.
Do you have any questions, or want to become an investor in the Northern Virginia area? Let's talk about your options today!
Real Estate Market🏠 . With nearly 2️⃣0️⃣ years of experience in the real estate industry, Ritu has built a reputation as a hard-working Realtor with the intellect, knowledge, and experience....
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