This article was graciously written and provided by Amy Collett, creator of Biz Well.
Are you thinking about moving and renting your home out? Maybe you are ready to buy a vacation home, but you know that you won’t use it 365 days a year. Whatever your reasons, you have one thing in common with other new or future landlords: You want to turn a profit. The Property Management Coach has compiled some great links to help you as you figure out the process for the very first time.
It Takes Money (and Good Credit) to Make Money
The first step to becoming a successful property manager is getting a good handle on your finances. From securing a loan to making a profit, here are some resources to get you on the right path.
Down Payment Requirements for Rental Property: What You Should Know
Calculate Income Property Operating Ratios
The High Cost of Bad Credit
Where to Advertise Your Holiday Home
Once You Buy, There Are Still Expenses to Consider
The cost of doing business can be difficult to predict. However, to ensure you’re making enough money to cover your expenses, you need to do your best to plan for all the costs associated with managing your property.
How to Best Prepare an Investment House for Rental
How to Estimate Landlord Insurance
How to Budget Maintenance for Your Rental Property
What is the Cost of Vacation Rental Cleaning?
Turning Your Investment Into a Business
Like any other business, there are several actions you should take to protect yourself and your investment. The following resources will help you do just that.
5 Considerations in Choosing the Best Business Entity for Real Estate Investing
How to Set Up an LLC Through California-LLC.net
The 5-Step Plan to Creating a Balanced Business Budget
What Tax Laws Exist for Vacation Rental Property?
Help Hashing Out The Details
Your ultimate success as a property owner will depend on how you manage your rentals from day to day. Look to the experts for tips on hiring a property manager vs. doing it yourself, pricing your rental, and dealing with your tenants.
5 Crucial Benefits of Hiring a Rental Management Company
How to Set the Ideal Apartment/Condo Rental Price
Free Lease Agreement Templates By State
How to Evict a Tenant the Right Way – A Step by Step Guide
All of the above links contain some great information to get you started. Remember that it takes time and experience to figure out all of the details. But, if you start off with a fistful of knowledge, you’ll stand a much greater chance at seeing a profit on your first rental or vacation home. Of course, working with a professional can really propel you forward in securing and managing a successful rental. So contact Kathleen, The Property Management Coach, when you’re ready to start the process.
Amy Collett is creator of Biz Well, a website that helps professionals and entrepreneurs build and strengthen their personal brand. When she isn’t helping clients boost their careers or businesses, she enjoys coaching her daughter’s soccer team and training to become a yoga instructor.