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Buying Rental Property
Are you already a landlord? Do you have plans of being one? The travails of being one are very well published, with lots of literature telling you on how to manage a tenant. So are you ready to be one? If you have enough funds to buy property through an all cash deal, then being a landlord is a great option, as this investment not only gives you returns by way of rentals, but also may appreciate in the long run for you top make a profit, if sold after a period of time. If you intend to purchase a property for rental purposes only through a mortgage loan, then you might as well get your arithmetic right, as you would want to know if it is worth giving out of rentals, while you would be paying your monthly mortgage payments. It has to make sense only if the rent amount is closer to the monthly installment that you are paying to the bank.
There are indeed a few factors that you will have to consider as you buy a house to give out on rent:
- Mortgage loan payments: As mentioned earlier, this amount has to be borne by the rent received, so ensure that you have a prospective tenant list in hand as you go around finalizing the sale.
- Real estate agent: Ensure that you have the help of a good real estate agent who can help you locate an area that can give you a continuous stream of tenants. Even if one present tenant vacates, you should be able to get another within a short period of time, as the more time the house lays vacant, the more losses you are going to incur.
- Area of purchase: The area of your purchase has to be chosen with due care, as this area should have endless opportunities for employment as well be a good social atmosphere to live in. These factors ensure that you have more and more families eager to move in to your rented house, as they tend to stay longer than bachelors who come in search of jobs and may relocate as soon as they et better opportunities.
- Help of attorneys and financial consultants: Take help from attorneys for the real estate deal as well while finalizing on the rental agreements. Issues such as abandonment or non-payment of rents can be taken care through relevant clauses in the agreement. Financial consultants knowledgeable about IRS codes can help you evade taxes on the rental income as well taxes which can be exempted if you intend to utilize the 1031 exchange.
These points are to be marked as critical as you go about finalizing your home purchase.
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