Renting A South Loop Condo; To Take Advantage of the Buyer's Market is a great plan B for those of you who would like to move in to a new property and take advantage of the low pricing; but can't sell their current condo. This is the way many investors begin their portfolio; leasing a condo can be a fairly simple process. When you buy to hold; real estate is the single best investment you can make. More money has been made in real estate than any other investment. Over time, property values ALWAYS go up. The key is to make sure you take ample time to find the right tenant; i can't stress this enough. You must take the time to find a tenant who will:
1.) Properly maintain your condo
2.) Pay rent on time (remember if they don't pay; you're still responsible for the mortgage)
The alternative is a lengthy eviction process that can take forever; in the meantime your stuck with the bill -- literally, including:
1.) Your mortgage
2.) Your Assesments
4.) Attorney, county, and city fees for the eviction process
5.) Whatever repairs are necessary when you evict the tenant
With that being said, here's how you find a GREAT TENANT THAT WILL PAY DOWN YOUR MORTGAGE:
1.) Hire a great agent to list your condo as a rental -- he/she will have expierence necessary to make this a smooth process.
2.) Have your agent -- require a credit report and rental history from the prospective tenant
3.) Price your rental 10-15% below what other units are going for in your building/area -- this makes your condo desireable to a prospective tenant who will never want to leave
4.) Draft a strong lease that works in your favor and ensure all bases are covered
Please refrain from taking any of this advice/warnings lightly. I have seen and experienced HORROR stories of tenants that can make your life a living nightmare. That tenant you meet before they moved in can be the sweetest person in the world; BUT once you move them in it's like Dr. Jekyl and Mr. Hyde. They can make your life a living nightmare!!
It's important to price appropriately so that your condo doesn't sit on the market for too long and become "stale"; plus the quicker you get a tenant for your property the quicker you can take advantage of the market as a buyer. Why quibble over a $50 or $100 a month when you will make a purchase that is about $30,000 - $50,000 less than what it sold for three years ago!
Once this is done you can then become a BUYER in the best real estate market of our lifetime. Prices and interest rates are low; inventory is high. This means more purchasing power for you. You then have the ability to find a property that will fit your needs today and the for the next 5-10 years. Renting a South Loop Condo to take advantage of the buyer's market can be a lot easier then it seems. CONTACT ME -- FOR A FREE COPY OF THE BOOK THE MILLIONAIR REAL ESTATE INVESTOR; AND SEE HOW YOU CAN TRULY BUILD A REAL ESTATE EMPIRE!
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