Should I Invest in Rental Properties?
If you're thinking about buying some investment properties to renovate and re-sell, or to rent out for extra income, make sure you do your homework before you commit to buying that "great deal." Here are some points to ponder: Make sure you understand the market and how much you can charge for rent for a particular type of rental in a specific neighborhood. Check to see what your legal obligations are as a landlord (business owner). You need to have a basic understanding of landlord and tenant rights, in order to protect yourself. Decide in advance if you will allow pets, as pet-friendly properties are in high demand. To offset any potential damage, you should require a pet deposit. Protect yourself with general liability insurance, and consider requiring tenants to purchase "renters" insurance, which will protect their property inside the structure as well as protect you from financial loss as a result of a loss due to the tenant's negligence. It also ...