Investing in home rentals is one of the biggest income generating tactics one should pursue.

valuable advice #3: Don’t buy low.

We are not “flipping” houses. We are creating sought after homes that everyone will want to rent. This gives YOU many options to choose who you would like to rent your home to. It doesn’t have to be the most beautiful house, just a place where someone can feel comfortable living with their family. This means maintaining the maintenance of your home and the “happiness” of your tenants. The location of your home where you want it to rent must be one that has benefits. What do I mean? If there are shops, parks, public transport, etc. This would ensure that your home is sought after and fill vacancies quickly to kickstart your long-term wealth.

valuable advice #2: Leasing and its importance.

When you’ve got your first tenants, be sure to follow these steps before giving them a chance to move in. Go over the house, with the tenants, and mark all the places where there is already damage, that there should be NONE if possible. After you have inspected the house, make a copy of your markings and give them to the tenants for their records. This is to ensure the happiness of both you and your tenants and to make sure that both parties are aware of the current condition of the house. The wording of the lease is the most important aspect of the rental. This is how you build your wealth in the long run. There are key features in a contract that you need to make sure you include. It is very important to hire a lawyer to review your lease to make sure you are not leaving anything out. Remember, this protects both you and your tenant, so getting it right is absolutely critical.

valuable advice #1: “Keep” your Wealth.

Proper maintenance of your property is very important. Studies have shown that the number one reason tenants renew their lease is because it has been well maintained. So what that should mean to you is that if you let things deteriorate or are ignored, the tenants will terminate their lease. Be very responsive to your tenants. Fix things yourself to save some money, or since I know you’re successful with your real estate investments, you can hire the job. In your lease you must state in detail how long it would take you to complete a work order. This should not be more than 24 hours maximum. This is key to maintaining longevity. If you think it could take a long time, please contact your tenants immediately.

Remember, and this is important, there is a fine line when it comes to things that break through no one’s fault or the tenant’s negligence. You have to use your discretion to determine whether or not you can charge the tenant something for the repair.