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Sunday, 23 January 2022 22:55

The step-by-step guide to becoming a landlord

step by step guide be a landlordHow to Start Your Own Rental Property Empire:

Introduction to Being a Landlord

There are many ways to invest in real estate, but one of the most exciting and lucrative is to buy a rental property. With a little time and effort, you can start your own rental property empire and grow it to be a thriving and profitable business. Start with an LLC business license to make getting credit super easy. Start some research on what it takes to upkeep a home or even an apartment building you may choose to buy.

Step 1 - Investigate the Market

Investing in rental properties is a lucrative option. However, investors should know that this is not a get-rich-quick scheme and they need to do their research before investing in rental properties. Decide where YOU would like to spend your time because you can often use them as your own vacation home when you choose. What local attractions are bringing in enough tourists to rent out your vacation home. The Airbnb-type markets are making people rich, but do your homework before jumping in. Do you enjoy the seaside or the mountains? Give it some thought.

Step 2 - Assess and Prepare

This section discusses the importance of the investigation research you did into the market and preparation to be able to speak with potential buyers and renters. By now you should know what type of people will be renting from you and the type of people you will be buying from.

The first step is to assess the local housing market vernacular. Apartment building lingo is different from that of a beach condo. This will help you understand what terminology is used by potential buyers or renters in your area. Each will have different needs that you need to determine how you can fulfill them. Is schooling and hospitals being close important to your potential tenants or are they more interested in what is fun to do in and around town?

Next, prepare a list of questions for your prospect that are specific to their needs. This will help you better understand their needs and also give you an idea of what type of property you will both be working with.

Step 3 - Analyze and Purchase an Investment Property

The real estate sales agents in your area can help you with the analysis and purchase of a property. They will be able to help you with the financials, which is one of the most important things when buying an investment property.

Agents who specialize in rentals will be able to help you find a good rental property for your investment portfolio. This might be a better option for those who want to invest but don't want to deal with all the hassle of buying and selling properties.

Contact us at RentalHomeFinancing.com and let’s get your paperwork filed to complete your purchase!

Step 5 - Become a Responsible Landlord

It is important to understand that being a landlord is not easy. It requires a lot of patience, organization, and time. But with the right knowledge, you can make sure that you are not making any mistakes with your tenants.

Some common landlord mistakes to avoid are:

-Not understanding the law -Not reading the lease agreement before signing it -Not being clear about what is expected of tenants in advance

FAST APPROVAL PRE-APPLICATON FORM - APPLY NOW!

Each of our programs are uniquely tailored depending on your investment goals. Call us old fashion but, we pride ourselves on taking the time to actually speak with you and learn your rental business.

By spending a few minutes on the phone and reviewing your application, we can accurately determine how we can help you with the various programs available.

Because we underwrite using a property debt to income approach we will also be looking at the monthly rental income, and annual expenses such as RE taxes, Insurance, HOA, and landlord paid utilities.

Let’s get to know each other...Take the first steps in expanding your rental business now. We will email you all that you need to begin.

We look forward to working with you and welcome a conversation with you soon! An agent will be assigned to your inquiry based on your needs so be sure to check your email after submitting the form.

Thank you!

Staff at:
Rental Home Financing
Direct Money Lenders Inc.

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Rental Home Financing
9465 Counselors Way
Suite #200,
Indianapolis, IN 46240

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Rental Home Financing originates commercial blanket loans with a commercial purpose and is not currently authorized to make such loans in all areas of the United States. Specific circumstances will determine whether we have the ability approve/close portfolio rental home loans in your state(s). 

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