Vacant rental properties can certainly be compared to a migraine headache, a pounding headache that will only be cured by one remedy- a paying tenant. Hazard insurance, mortgage payments, property taxes, utilities, break-ins, vandalism, maintenance, and landscaping are many of the costs associated with vacant rental properties. Reducing your vacancy rates to a bare minimum is extremely important, if you intend to have a successful real estate investing career.
We hope the following eight steps will help you avoid or reduce your rental property vacancies!
Step 1: Before You Invest… Research
Obviously certain areas are better for investing then others for a variety of reasons; research the neighborhoods you are considering investment. Speak with local realtors, fellow investors, property managers and anyone else who is knowledgeable about the area. You must find out if the neighborhood has a high or low vacancy rate, if there are currently an oversupply of other rentals nearby, and what current market rents are in the area.
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8 Ways to Reduce Rental Vacancy Rates
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8 Ways to Reduce Rental Vacancy Rates ezLandlordForms.com - Manufactured Housing News
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