So you've picked up your first (or third, or tenth) income property, and it's a real fixer-upper. You've got a great team of contractors, and you know what they need to do and how much time and money it's going to cost to make it happen.
Landlords have had to deal with fake tenant applications for years. But rental scam artists upped their game and have gotten increasingly sly in their attempts to evade background checks for rental properties.
Turnkey rental properties can be an awesome investment to add to your portfolio. If your plan is to increase your passive income like mine is than buying a turnkey property may be a good fit for you. One of the nice things about purchasing turnkey is that it cuts out a lot the hard work involved when wanting to get into rental properties.
The simplest way for landlords and property managers to decrease vacancy rates at their rental properties is to maximize renewal rates. If you’ve found great tenants who pay rent on time and respect your property, avoid the overhead and stress associated with tenant turnover by focusing on retention.
Can you use IRA money to buy real estate? It's an often asked question and the answer is yes. Not only can you do it, it is actually recommended as they easiest and best way to increase the rate of return on your IRA.
Are you operating your own rental portfolio? Are you tired of investigating your tenants and checking them out fully to make sure you are getting solid income streams?
Regularly raising the rent keeps your properties in line with market rate. But you can’t just issue a rent increase willy-nilly—the first step is finding out if it’s even possible. When a tenant is in a lease, the rent is fixed for the term of that lease and cannot be raised until after the lease is over. This is why rent raises are most common upon the renewing of one’s lease.
It seems that turnkey rental properties have gotten more and more popular. It makes sense — they open up the door (great pun!) for people who wouldn’t have gotten involved in real estate investing otherwise. Turnkeys allow people who don’t necessarily have skill or interest in finding motivated sellers, rehabbing, and managing tenants to still own a profitable rental property.
You can own rental real estate in your IRA portfolio, but there are pros and cons to this type of investment. There are also other ways to invest in real estate in an IRA. Here are some things to consider.
Being a landlord isn’t as good or bad as people often make it out to be. In most cases, the reality lands somewhere between the two extremes. But if you’re going to delve into the world of real estate investing, you’ll need a few things to be successful.