Real Estate Investing: How to Find - and Hang on to - Great Rental Tenants

Real Estate Investing: How to Find - and Hang on to - Great Rental Tenants 👪

It's great news if you have enough financial capital that you have the option of investing in a rental property, but being able to afford it is only half the battle. You'll also need to find and keep the right tenants in order to make a profit. Here are some ways that you can ensure your property will be a financial benefit. 

Price It Right 🏷️

It's important to turn a profit, but overpricing your property may mean that you'll have limited options. Instead of making it a guessing game, take a look at the rent in the neighborhood and read through the listings to determine a potential price. This will enable you to find the ideal tenant who knows your apartment is worth what you're charging without pricing yourself out of the market.

Keep It Clean 🧹

A lived-in home can be quite time consuming to show well, but it's very important to clean up before potential renters see it. While a spick-and-span space that is clutter free will give viewers the sense that you're a responsible landlord, a disorganized area full of stuff will probably lead them to look elsewhere. 

Go With Your Gut 🧠

It may be one thing for a potential tenant to have good references and ample income, but it's important to think about more than what a person looks like on paper when choosing a tenant. Instead of going for the sure bet, choose a tenant that you feel you can trust as they might just be the least likely to let you down. 

Deal With The Details 💼

There are numerous stories about bad landlords, but it's important to attend to the needs of your tenants so that you can avoid a high turnover rate. While the wrong tenant can be difficult to deal with, the right tenant will be someone that will behave responsibly and will expect the same from you. This means you'll have to fix minor repairs and replace leaking faucets in a timely manner, and you'll be able to expect the same courtesy when it comes to paying on time. 

A rental property is a great investment and probably one of the biggest investments you’ll have in your life. And if there’s one thing I learned in real estate investing, it is to protect my assets. That’s why it is extremely important to be proactive in finding yourself a good and responsible tenant. 

My 5-Day Challenge talks more about how to screen tenants properly so you can avoid getting in trouble. Get a copy of it here!