If you’re looking to make extra money, investing in a rental property may be what you need. But before you start advertising your property for rent, here are some tips to help you turn your home into a profitable rental property.
Features of an Ideal Rental
A rental should be in a desirable neighborhood with good schools, public transportation, and amenities nearby. The property should be well-maintained and updated, with any necessary repairs complete before putting it on the market. The rental should be spacious and have many bedrooms and bathrooms to appeal to tenants. Amenities such as on-site laundry or parking can make your rental more attractive to potential tenants.
Finding Potential Tenants
The next step is finding potential tenants. You can do this by using social media platforms to market your rental. Try to make your posts eye-catching and include key information such as the number of bedrooms, price, and any special features or amenities your property offers.
You might also use videos as a more compelling way to market your property. You can shoot several short clips, then quickly combine videos into a fun and dynamic post. This is easy to do with a free online tool.
Managing Tenants From Afar
If you live far from your rental property, you’ll need a manager to help you with the day-to-day tasks. A good manager will screen tenants, collect rent, handle repairs and maintenance, and generally be the point person for any issues. While it’s possible to hire a good manager without paying a lot of money, prepare to budget for this expense.
Renting Out Furnished Properties
Furnished properties rent for more than unfurnished ones. If you have the furniture and decor, that’s one less thing for the tenant to worry about. Appliances are one of the most important things to consider when turning your home into a rental. Updated star-rated appliances can help turn your property into a profitable rental.
Adding Curb Appeal
The last step to making your home a rental property is to make it appealing to potential tenants by adding curb appeal. Curb appeal means ensuring the outside of your property is well-maintained and attractive. Some ways to do this include power washing the exterior, painting the trim, and planting flowers. One way to do this is to hire a landscaping service to renovate your yard. Read reviews of local contractors online, then contact them to discuss your individual needs and get quotes. To get the best value, you can also investigate which companies offer deals or credits for landscaping.
Forming Your Business
Create a limited liability company or LLC for your rental business to give you more flexibility and protect your assets. There are no lawyer fees if you do the filing or use an online service. Various states have different requirements when forming an LLC, so check the rules in your city before taking action.
A Profitable Rental Property
Use social media to market your property, and form an LLC to protect your personal assets. With these tips, you can turn your home into a profitable rental property.
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