In the advent of the sub prime mortgage crisis many homeowners are opting to rent properties as opposed to trying to sell in this unstable and already saturated market. But, land lording involves some savvy, so listen up and heed some valuable advice, before diving into the world of renting and leasing your home.
Number one, take note that you’re not the only one is this position, so don’t immediately assume it’ll be easy as pie and that you’ll fetch a pretty penny in terms of your rental income. The reality is that in 2005 and 2006 when money flowed like Italian table wine, well everyone had the same idea to get rich fast through real estate. Today, these folks are your competitor landlords and it’s dog eat dog out there. With all this competition, there’s a lot on the market and rental prices are being driven steadily downward.
Because of this competitive market, if you want to ensure your place gets rented and stays rented for a while, then your going to have to price right- and in most cases this means under pricing your rental property. So keep a close eye on similar rentals in your area and be prepared to bite the bullet...
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