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Zillow move in checklist4/14/2024 ![]() ![]() Just like running any business, you have to be willing to wear a lot of hats when managing your property…or hire a professional! ![]() With that said, some people have jobs or family situations that really don’t allow for much flexibility to pop over to the unit and fix a leak or to manage the listing and application process of finding a tenant. As much as we’d like the unit to be rented 100% of the year, it is almost essential to have a few days unrented where you can go into the property, assess the condition, fix any major issues and then let the next tenant move in.ĭo you have time to manage the property or money to hire a management company? Although managing a rental unit and being a landlord isn’t easy, it is definitely rewarding and cheaper than the alternative of hiring a company to do it. Those weeks generally were between purchase and tenants moving in/out and allowed time for cleaning, painting, etc. For perspective, our unit has only been empty for 2 maybe 3 weeks total since we’ve owned it (knock on wood). If you choose the right combination of location and updated unit, you shouldn’t have much trouble renting it. Obviously, if you are starting to have trouble renting the place, you may want to consider why (is it the price? is it the location? does the unit need updating?). I mean, we know the neighbors )ĭo you have enough savings in case the unit goes empty for a few weeks…or possibly months? This is a big one, as you don’t want the income property to sink you financially if you can’t get the thing rented! A good rule of thumb is to have 3 months savings on hand to cover rent and utilities in case the unit goes without a tenant. In the example of our first rental unit, we already lived in the building so we felt extremely comfortable making the investment. ![]() Do your research and make sure YOU would love to live there before you expect your tenants to love it. We like owning a rental unit so much that we decided to rent out our primary condo, as our family moves into a new home down the street.Ī few things I would consider before buying a unit (or home) for pure rental income:ĭo you know the area well? The worst thing to do is buy a place purely for rental income only to find out the neighborhood stinks or that particular street isn’t desirable. We’ve had two tenants so far (one tenant stayed for one year and now a couple has been there for two years and counting). Since then, we’ve really enjoyed owning a unit for rental income. We bought another unit in our building - a 1 bed/1 bath - purely to rent out almost three years ago. Before we get into the to-do list, I wanted to talk a bit about renting a unit and what it’s like to be landlords. ![]()
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