How to Build A Rental Property Money Machine
If you are looking for a steady, income-producing investment that isn't dependent on the ups and downs of the stock market, rental property is just the investment you're looking for!
As lucrative as owning rental property can be, the wrong property can be a bottomless money pit. You need to know how to go about locating property, finding tenants, managing the rental, and how to make your investment profitable. Many first-time landlords learn lessons the hard way. They end up spending thousands of dollars on repairs, chasing after tenants for rents, and are constantly being called up in the middle of the night to take care of minor repairs such as burned out light bulbs. If this sounds like you, instead of throwing in the towel, learn from your mistakes. For some investors, it may be as simple as starting to treat their rentals as a business.
The right way
Start fresh from the beginning. Utilize a return-on-investment (ROI) formula in order to determine what you need to charge for rent in order to have a positive ROI. If the market in your area cannot bear the amount of rental income needed, you may want to consider selling that property. Also, learn the value of proper tenant selection and a solid lease agreement. Using these two approaches will make being a landlord a pleasant and profitable experience.
Locate properties effectively
Every single residential property is a potential investment winner and no property should be discounted without consideration. Hone your search by spotting the "dynamic" properties among the "duds."
Strategy: Look for properties in local neighborhoods where home prices are stable and appreciating. Stable and appreciating neighborhoods ensure the preservation of your investment and can provide additional return-on-investment through appreciation of your property.
Strategy: Look specifically at middle to low end of the price range in neighborhoods. It is there that you will find more room for appreciation of property values.
Do the math before you buy
Once you have zeroed in on a prospective rental property, run your numbers through your Russ Whitney Real Estate Success Software or use the following return-on-investment (ROI) formulas to determine whether to make a purchase offer or to move on to the next property.
Russ Whitney - Real Estate Millionaire, best-selling author and CEO of Whitney Information Network, Inc. Russ Whitney is a hard-driving, intense achiever and leader who never slows his tireless pace. From running a multi-million dollar educational company to spending time with his family Russ Whitney is the picture and embodiment of success of the American Dream.
Related Articles:
Logistics Property & Site Selection Forum 2008 Proudly Announces That General Motors, Coors and Ozburn-Hessey Logistics Join eyefortransport Networkin
Three key companies, GM, Coors and Ozburn Hessey Logistics have confirmed to join the speaker panel at the Logistics Property & Site Selection Forum at the Hyatt Regency Miami Hotel on January 30th and 31st, 2008.
Intellectual Property Law
Intellectual Property Law can be quite confusing at times. Copyrights, trademarks and patents all have a role in protecting your hard earned content and knowing their role is half the battle.
Sheraton University City Upgrades Entire Property Using SuiteLinq?sTM Interactive and Connectivity Solutions
Philadelphia?s Sheraton University City, a Meyer Jabara managed hotel, has completed a comprehensive upgrade of its on-site Internet service using SuiteLinq, Inc. as its sole provider. The enhancement includes SuiteLinq?s in-room interactive portal solution running on customized desktop computers or the guest?s laptop, as well as wireless Internet access available throughout the property?s common areas.
Rental Property Management - Ten Questions
Why hire rental property management? Because doing it all yourself is the surest way to make your real estate investment experience a bitter one. You also have more time to find the next deal when there is someone taking care of the details for you.
CB Richard Ellis Reports Asian Industrial Property Markets Remained Largely Upbeat In The First Half of 2007
The second quarter continued to record upbeat performance in most of Asia's industrial property markets, buttressed by sustained growth in the manufacturing sector and robust demand in logistics facilities. Industrial land prices in China appreciated further following the establishment of a system of minimum industrial land prices and the implementation of mandatory use of market mechanisms in the primary sales of industrial land.
Property Owners Get the Most Out of Their Billboard Space with New Service
New service (www.outdoorbillboard.com) helps landowners with billboards on their property negotiate with the billboard companies.
Obelisk International Launches Latest Property Investment The Colony, in Northern Cyprus
Obelisk International announces news on a new development project in Northern Cyprus. The villas at The Colony are based in one of the hottest emerging markets to surface this year.
A Record Number of UK Residents Leaving Britain's Shores is Boosting Overseas Property Investment, says Obelisk International
The Office of National Statistics released figures today that showed the amount of British emigrating overseas is growing at a phenomenal rate, and Obelisk International has seen a marked effect on the overseas property market.
New Vacation Rentals Directory Web Site Launches, Providing a Single Gateway for Everyone Involved in Vacation Rentals
Vacation Rentals Web Directory announces its launch. The first and only human-edited directory, the site is led by an experienced team of vacation rental experts who are dedicated to improving the vacations rental marketplace.
Eurostar brings French property closer to home
Over the last decade, investing in property overseas has entered the mainstream. It is no longer the reserve of City bankers looking for somewhere to spend their ?1 million bonuses. Instead, an increasing number of middle class Brits are using overseas property as a second home or as a supplement for their pension.