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8 Tips For Renting Out Your Property

Family Outside Home For Rent

An investment property is a home that isn’t considered to be a primary residence and that you don’t live in most of the time. Buying your first rental property can be a great way to collect long-term wealth. Know if owning an investment property is the right move for you, and check out these 8 tips for renting out your property.

House Icon With #1Cash Flow
One way to get a return on your investment is by buying a property, renting it out, and using the cash flow to pay off your mortgage payments.

House Icon With #2Location
Choosing a home in a desirable location can attract tenants, adding more demand and value to your property.

House Icon With #3Maintenance Requests
Being a landlord means more than collecting checks every month. If there are issues with the home that need maintenance, you’ll likely need to cover the costs. Make sure to budget some cash in case these problems arise.

House Icon With #4Vacancy
Months can go by without finding new tenants to live in your home, so be sure you budget for vacancies before purchasing a rental property if you’re relying on that income.

House Icon With #5Get Insurance
Invest in landlord insurance as well as homeowners insurance in case of property damage, liability, or loss of income.

House Icon With #6Tax Benefits
Typically, you can claim tax deductions on your Schedule E tax form for owning a rental property. Please contact a tax advisor to find out what you would be able to write off.

House Icon With #7Appreciation
If you plan to keep your home for a few years, the chances are that it will increase in value over time. If you choose to sell it in the future, you could sell your home for a higher price than what you paid for.

House Icon With #8Financing
Choosing the right type of financing for your investment property is essential. Contact a Home Loan Expert today at 877.785.5422 to help guide you through your options.

Looking to start your journey to your new home? The options and benefits available may surprise you!

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Find the perfect home loan for your unique goals and financial situation.

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Our Home Loan Experts are here to help by sharing their knowledge and setting you up for a successful process from application to close, throughout the life of your loan, and well into the future as your trusted partners.

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Before you have found your dream home, get pre-approved for FREE. Once all information is submitted, we will provide your pre-approval details within the next business day.

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Monitor and update your home loan as your mortgage needs and goals may change over time.

We can help guide you through every step of the home financing process. To get started, just give us a call at 877.785.5422 or get your instant rate quote here.

Just Imagine The Possibilities…

 

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