DO: Create a financial plan. This will help you predict the potential revenue and expense of owning a rental property.
DO: Work with a knowledgeable Realtor® when buying. A good agent can help you find a property in a good location with the best rental potential.
DO: Get to know your home. Carefully check all parts of the home and repair and replace items that need it.
DO: Choose a property manager carefully. Check their reputation in the area, then ask how they’ll: Maintain the home so it stays in good condition, communicate with you and maximize your revenue.
DON’T: Ignore preventive maintenance. It’s better to fix or replace that aging water heater or HVAC system now than have it break during a renter’s stay.
DO: Be strategic about using the home yourself. If your goal is to maximize rental income, stick to planning your stay during the off season.
DO: Plan to reinvest in the home.
Figure you may have to spend 1% of the property value each year on maintenance.
DO: Be realistic about pricing. Research area rental rates and don’t overprice. Your ultimate goal is to make a reasonable profit and that will require a high occupancy rate.
Sources: entrepreneur.com, sfgate.com,
Morris Invest, blogs.netintegrity.net
Contact Denise Henry Today.
Denise Henry GRI, RENE
Broker Associate
RE/MAX Hall of Fame Realtor
RE/MAX Anchor Realty
Punta Gorgeous
3941 Tamiami Trail #3121
Punta Gorda, FL 33950
Call or Text 941-628-0856
denisehenry40@comcast.net
dhenry.remax.com
Welcome to Punta Gorgeous!