If you want to invest in something that can turn you a nice profit, buying a duplex is a great financial decision. A duplex is similar to an apartment complex only it has fewer units to rent out, which means that you can get your feet wet making money from tenants without feeling overwhelmed. Duplexes are often used as primary residences for the people who own them as well, living in one side and renting out the other. If you want to own a successful duplex and make some money, here are some things you need.
Property management
A property manager is a person (or you can hire a management company) who oversees your rental and makes sure things are operating as they should. They are the ones who keep track of rent, background checks on tenants, and all maintenance issues, and they even make sure the landscape surrounding the property is cared for. Property management is something you need if you have more than one renter, you don't live near your rental, or you are wanting to buy and rent out multiple duplexes. A property manager will consult with you on all major decisions so you are always aware of appliances needing replaced, tenants not paying rent, and other problems that can arise.
Real estate marketing
You want to find reliable, quality tenants that will respect your property, pay their rent on time, and ultimately make being a landlord much easier. One way to find the right renters is to use a local real estate agency (like the one you may work with when buying a duplex) to locate renters for you. When people turn to real estate to buy or sell their homes, they may also inquire about rentals in the area, which can lead to great referrals for you. Furthermore, a real estate agency can help you choose a rental price point and stage your units so they are most appealing to the people who are looking for a place to live.
Property lawyer
When you have renters, the first thing you want to do is have them sign a lease outlining their responsibilities as tenants as well as yours as a landlord. A real estate or property lawyer will help you draft up a lease or contract that benefits and protects both you and your renters. It will include all allowable tenants (pets, children, number of adults, etc), things tenants are and are not allowed to do while renting (such as painting or renovations), and any deposits or pet fees that must be paid and how renters can get their money back. Do not try to come up with a rental contract on your own, rather, allow a professional legal associate to do the drafting for you.
With the right tools and agents by your side, you can have a successful run at renting out a duplex. Whether you want to live in one part and rent out the other or you want to make pure profit, the right professionals will help you stay successful.
Share8 November 2016
Do you absolutely adore your home, but are planning an upcoming move due to a career change? If you’re moving in the near future, you might desperately desire to sell your current home as soon as possible. To help you accomplish this important task, consider hiring an experienced, real estate agent in your community. This individual can help you select the perfect selling price for your house. Your real estate agent can also provide valuable information about staging your home to perfection. For instance, to make your home more inviting, your real estate agent might suggest you purchase new bedding, window treatments, and artwork. On this blog, I hope you will discover how a real estate agent can help you sell your home fast. Enjoy!