Renting your Investement – Part 1

You got a great deal on a foreclosure, you spent the last few weeks renovating, fixing and cleaning the property and are ready to have a renter move in.  After all, you know that people are becoming wealthy every day due to their real estate investment.  You’re ready to be wealthy.  If it would only be so easy. 

Renting your investment might be the hardest piece of your wealth building plan.  Consulting professional management companies can not only save you time but most likely money.  The “Do-It-Yourself” approach can be difficult if emotions are involved.  Renting an investment property is a task that involves several steps.  The following are provided by Avery-Hess:

• Marketing your property
• Screening all applicants
• Rent collection
• Establishment of an escrow account for the security deposit.
• Making all payments, including mortgage, taxes, repairs, home owner association/condo fees, etc. (if requested by owner).
• Providing 1099 statements for tax purposes. Automatic generation of late notices to tenants.
• Consistently tracking lease status and expiration dates to prepare for renewal or new tenant search.
• Strictly adhering to local, state, and federal regulations regarding fair treatment of tenants.
• Maintaining contact with each tenant, responding quickly to questions or problems.
• Representing the owner in any disputes, including court representation. Informing the tenant when their lease is nearing completion and, if desired by the owner, offering renewal to the existing tenant.
• Ensuring all issues are resolved upon tenant vacancy, and handling security deposit issues as needed.

For more information about our property management services, contact Katja Hom at khom@averyhess.com.