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Tips & Tricks Before Renting Out Your Home — Katherine Bonnici

Katherine Bonnici - Although renting out your house may appear to be a simple way to generate your passive income, you may discover that it is more difficult than you had anticipated. Because it is priced beyond the fair market rate, your home may remain on the market for months without receiving a rental application.

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Tips & Tricks Before Renting Out Your Home — Katherine Bonnici

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  1. Katherine Bonnici — Tips & Tricks Before Renting Out Your Home

  2. Katherine Bonnici — Renting your property may seem like an easy way to increase your passive income, but upon starting the process, you may find it to be more complicated than expected.

  3. Your house may sit on the market for months without a rental applicant because it is priced above the fair market rent. Katherine Bonnici says a bad tenant may be late or outright refuse to pay rent; they have the potential to do thousands of dollars in property damage and may ignore your attempts to evict them from the property until authorities are involved.

  4. 1. Take Photographs of the Property Photographs of the property are necessary for several reasons. They are an important part of online advertising — otherwise, favorable rental listings without pictures of the property are often passed over by potential tenants because they do not want to have to wait for a house tour to find out that the property does not have a layout or design that suits them.

  5. 2. Assess Fair Market Rent While it may be tempting to charge higher rent to make money back on recent renovations you may have done or moving costs from when you left the property yourself, the best thing to do is conduct market research

  6. 3. Effective Rental Application Create a Concise, An application intimidate renters with its length but will be comprehensive enough that it can be used for tenant purposes. effective rental not will potential screening

  7. 4. Consider Using a Property Manager Property managers will typically charge a percentage of the monthly rent for their services, but in exchange, they will take care of things such as finding new tenants, creating/signing the leases, collecting the rent, and issuing legal notices (including evictions).

  8. 5. Find Good Tenants Katharine Bonnici — Finding a decent tenant is easier said than done — many applicants can be friendly, polite, and will seem to be a good fit, but will create a flood of problems for you.

  9. Thank You For Watching

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