In the Pinellas County rental market – housing is in high demand and finding a nice property can be extremely challenging especially when you are competing against other possible tenants. Maneuvering through the rental market is easier if you are a proactive renter.
Locating A Property
The internet is the most useful tool in today’s market, but unfortunately many of the websites that pull them are out of date. As soon as you locate a property call immediately. Emailing can slow the process down and cause you to lose a potential property. If you cannot reach someone and there is an address – drive by the property. Often times there will be additional information on the sign that you can obtain. When you reach the property manager – put your “best foot forward” and always be polite and courteous. Continue reading
Is now a good time to invest in rental properties? This is the question most people ask me when they realize I have been in property management for over 26 years and an investor for almost 30. My answer is an undeniable yes. There are many factors affecting our market today. The economy is improving and interest rates are on the rise which impacts greatly an investors bottom line. In addition, the housing market has bounced back in most areas and prices are steadily rising. The demand for rentals exceeds the supply, thus allowing an investor to command a higher rental price and obtain a better-quality tenant. The Millennials’ are not interested in home ownership as they do not want the responsibility nor do they want to be tied to one place long term.
So you purchased a new home but want to keep the old family home too? Today you might consider renting the old family home and becoming a landlord. Tomorrow, you might regret this day if you don’t make careful decisions.
Congratulations on your new business venture! Wait? Did I say business? Yes I did and there will be more on that later. Beside business stuff, there are many pitfalls that the new landlord needs to watch out for.
First pitfall might be friends and family. You might have a family member, let us call him Randy Renter, and he can’t wait to rent your old family home. This is a perfect situation, right? You have known Randy all your life, so why not let him rent your home? Since he is family, do you really need a signed lease? Also, you might feel pressured by other family members to allow the Randy Renter to move in right away.
There are a couple of scenarios that can play out in this situation.