To develop a good ad to post ---- go to http://www.postlets.com ---- easy and free to use. This site will also auto submit to plenty of free online classified sites. Here's the list they syndicate to:
Google Base Zillow Oodle Vast
HotPads Backpage Trulia ByOwnerMLS
Properazzi DotHomes Others
That should be all you need. Most people search craigslist these days for rentals. Just make sure you get some good pics. Best of luck to you!
They are the largest employer in the area and may have someone looking for a temporary situation.
- Rental income can cover some or all of the mortgage payments, freeing you from having to dole out the entire amount each month. You might even make a profit if your monthly expense is low enough.
- You may be able to continue to build equity at the expense of the renter -- especially if your particular market is not affected or minimally affected by the slowdown. If your mortgage has been in existence for a number of years, more of the payment may be being applied to principal, so every payment is eating into the amount owed at a faster clip.
- Landlords gain tax advantages in addition to the regular deductions of mortgage interest and taxes.
- Mortgage payments must be made even when the rental property is uninhabited. - Costly repairs and maintenance work cannot be delayed if it inconveniences the tenant.
- Disputes with tenants over tenant rights and unpaid rent could require legal representation and legal fees. - State, local and federal statutes must be understood and followed, with failure to do so often resulting in fines.
- Business costs. As with any business endeavor, there are expenses you can expect upfront, such as renovations or repairs prior to a tenant's move-in date and advertising.
- Possible property management or Realtor fees. You'll have to consider how much contact you'll want to have with renters. A property management company, which typically charges between 3 percent and 10 percent of the rent, will act as an intermediary between you and your renters. A property manager can collect the rent, find and prescreen tenants and handle maintenance contracts as well.
"Itâ€™s recommend that a landlord budget 20 (percent) to 25 percent of the rent to put in a reserve for maintenance, repairs or just in case something big comes up." That leaves 75 percent to 80 percent of the monthly rental income to cover the mortgage, taxes, insurance and possibly utilities if you're going to break even. But is that a price that tenants will be willing to pay?
Village Real Estate property management offers a full-line of property management services.
The Premier Group
Village Real Estate
2206 21st Ave. South
Nashville, TN 37212
A word on the background check: it's not so much to determine if the potential tenant has a "hidden" criminal past (you do need to know this though) so much as it is to determine credit worthiness, prior landlord/tenant issues, employment security, etc. I've recently had a prof. couple apply to actually do a "rent to own", but when it came down to the credit report of the background check, well, there was no way they were going to be able to swing it. Looks good, smells, good, not always ripe though!
Another applicant's background check revealed numerous issues with late rent payments. Nice people, but they seemed to like buying their "toys" each month instead of paying their rent,,,,
Not to scare you off but just to make you realize the value and importance your realtor is to you in more than one capacity. We don't just sell homes,,,we help keep your peace of mind too!"
(HEY! sounds like a great "TV Line! hmmm.,,) LOL
If you need more help, check with some of the known professional agencies in your area and ask if they have a property management division, then interview them to see what they'll for you and what your costs will be. Great question! Good Luck
Tina Evans, Principal Broker