Try Palm Coast Investment Property

Palm Coast FL Investment Property

 

Tired of Stocks and Bonds? Try Rental Income!

 
This is the time to buy with mortgage rates at an all time low, even if you own a home, getting a second one can be a great investment. How do you go about getting a rental property? Its as easy as 1, 2, 3!

 

ONE:  Research, research, research. Hire a REALTOR to help with this research. Do you want a house? A condo? A duplex? Perhaps you want to live in the unit? Do you want to sell the property after a couple of years or do you want hold onto the property long term? What type of tenants are you looking for? Students? Elderly? What location? Are you interested in short term or long term rentals? A REALTOR will be of most service in this phase.  Once you know what you want go onto to step two.

 

TWO: Run the numbers.  You found the property, now what? How much can you charge to make a profit? Do you want to do the maintenance yourself or do you want a property manager. Most property managers take 10% of the monthly rent as their fee so calculate that into budget. Initially you may break even but over time, this will become a strong income. Remember to consider any improvements as part of your cost. Replacing a stove? Add $50 to the rent. A REALTOR can help you calculate a good rental number using various tools. Painting, replacing carpets and cleaning are all essential to getting the most bang for your rental buck.

 

THREE: Know your rights and the law. As a landlord there are certain things you must do, certain things you can do and certain things that will land you in jail. ALWAYS run background checks on your prospective tenants. Each state has its own set of laws on how you hold deposits, the time frame for returning deposits and eviction processes. Be familiar with each process. This protects you, the tenant and your property.

Ready to make some money? Call Beach Bum Realty to help you start looking for your rental income.

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Palm Coast FL Investment Property