The last year in real estate has been busy, however many people are still having the challenges of getting pre-approved for a home loan. What does that mean for people who own rental properties?Â
If you have a rental property, it's ok to consider renting to people who do not have perfect credit. Unfortunately, many people were impacted by the housing meltdown in 2007, and therefore their credit has suffered. However, that does not always mean that they will not pay their rent on time! One of the biggest things to do, check their references! And if you have a good realtor or even a friend, run a debt to income ratio to make sure the tenant can afford the rent! Don't forget to add in utilities!Â
And if you have a home that you just can't afford or can't get sold, consider renting it out! The rental market is hot and it's a landlords market!