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Rental Basics : Nationwide Real Estate Advice

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Activity 7,114
Yesterday at 5:10pm
Janetmartinezhomes asked:
0 votes 0 Answers Share Flag
Yesterday at 10:53am
Ao1cor13 asked:
Yesterday at 12:15am
sheryl hellyer asked:
pet deposit was not asked for at time of lease signing. I put on my application that I had a pet. 1 day after paying deposit and rent she asked if I had pets and told me I had to pay $300…
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Mon Oct 16, 2017
Silvana.chavez asked:
Mon Oct 16, 2017
Mohamed Cisse answered:
We would like to move at end of November. Looking for 3 bedrooms 519 781 4154
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Mon Oct 16, 2017
Dennis Dresler asked:
Sun Oct 15, 2017
Chrislogan37h asked:
We did not request a post with Trulia.
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Sun Oct 15, 2017
Jenifer Kynor, TurboTenant answered:
Maybe, but they'll most likely require a cosigner. Some landlords consider no credit worse than bad credit. It all depends on the landlords qualifications, just be up front and honest from the beginning! ... more
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Sun Oct 15, 2017
Jenifer Kynor, TurboTenant answered:
I think at least a pre-screening should be done, but not a full comprehensive screening you expect the renter to pay for. They'll just look somewhere else to rent if that needs to be done before they can see the property.

You should ask questions about income, credit, background, evictions, pets in the home. If they meet your criteria based off the questions, show the property. If not, don't waste your time.
... more
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Sun Oct 15, 2017
Jenifer Kynor, TurboTenant answered:
Check out TurboTenant https://www.turbotenant.com/

You can post your bedroom and TurboTenant and interested parties can apply online and you'll be able to run a full screening report on them. It's completely free to you as the landlord. ... more
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Sat Oct 14, 2017
Terence Hinson answered:
Yes. If you are under lease and your lease will expire within 30 days, the landlord can show the property to secure another tenant. As a tenant, you must receive reasonable notice from your landlord. If the language is not contained in your lease, landlord/tenant issues should be covered under your state statutes, or city, county regulations. ... more
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Fri Oct 13, 2017
Diane Christner answered:
There are a number of important factors to take into consideration when buying a property to use as a rental/investment. Some of the following will seem obvious to those who are astute at investing in real estate, the information here is for beginning investors like yourself.

My first suggestion is to learn the local real estate market in the area and within the price range you are targeting. Knowing the local market, the neighborhoods, the school districts and the inventory will give you a much better perspective as to what constitutes a "bargain" purchase price. Verify the rental restrictions of the neighborhoods with HOAs.

Don't confuse cheap properties with good buying opportunities, cheap properties are generally cheap for a reason. Obviously the quality of the neighborhood is important in attracting and keeping good tenants. Tenants generally are looking for many of the same aspects for their rental homes that home buyers seek out. Location is also important when you consider that at some point in time down the road you may want to sell the property. If you select a location that appeals to buyers wanting to owner occupy as well as investors, you will have a much larger pool of potential buyers for your investment property. Plus, buyers planning to owner occupy are more likely to pay a higher price than investors if the home appeals to them.

Part of learning the local market is to learn the rental rates within your targeted price range/neighborhoods so that you have a good perspective as to market rental rates and demand for rental units within your targeted price/area. As a buyer you will be looking for a monthly rental rate that will cover not only your expenses (including mortgage, if applicable) but also give you a cushion for repairs and vacancies. Some experts say that cushion should be about 20%.

Bigger is not always better. You may find a more modest 3 bedroom/ 2 bath home will bring you a better return than a larger and more expensive 4 or 5 bedroom property.

It generally makes more sense to buy properties in good condition that need only minor repairs or cosmetics to make them rent ready. Always include a home inspection contingency in your purchase agreement and hire a good home inspector with a proven track record. Remember, you are not buying just the house, you are buying it's roof, AC/heat system, electrical and plumbing. Know what you are buying BEFORE you close on the purchase.

Decide if you plan to self manage your rental properties or hire a professional property manager.

Find a good tax advisor/accountant and attorney to work with. Before you write an offer, know how you wish to take title. Many investors set up an LLC (limited liability corporation) to take and hold title for investment properties rather than putting them in their personal names. There are advantages and disadvantages to both, which your tax advisor and attorney can go over with you.

There are spreadsheets on the Internet that can help you determine the ROI (return on investment) for each property you are considering.
... more
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Fri Oct 13, 2017
Marco Torres answered:
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Fri Oct 13, 2017
Marco Torres answered:
By Miami Dade Housing code is maximum two persons per bedroom to avoid overcrowding. A 4 bedrooms will be up to 8 persons.
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