Looking for Rental Income from Colorado Real Estate?
Look no further Rental Income from Colorado Real Estate can provide that extra money you need. Renting out your Colorado real estate can result in a steady, monthly stream of income. The great thing about renting out properties is that the income doesn’t end with a sale, but rather is continual for many years if you choose. There are some tips to follow if you plan to rent out your Colorado real estate.
photo by Arden
Look for Top Tenants Only
You should spend a little time and perhaps a little money to make sure your tenants are top-notch. This will result in regular rent and fewer problems than if you simply rent to the first person who calls your number. Ask for references for the past several years and actually call those references to determine the potential tenant’s rental history and whether they’ve had any issues with previous landlords. Anything that might raise a “red flag” should be looked at more in-depth, and if red flags are raised, it’s probably time to move on to another potential tenant. There are several companies that will perform in-depth background checks that include criminal backgrounds and credit checks.
Market Well
You’ll want to market the property well, both in the newspaper and online. Craigslist is a great option for you, as many people check there when trying to find a place to rent. Search Craigslist in your area to see if there are a good amount of listings in the area. If there are not it is possible that most rentals are in the MLS. It might be beneficial to contact a real estate professional to inquire about listing your property for rent. If you do list your property online, make sure you create an eye-catching headline that offers up a few benefits about the property. For instance, if it’s across the street from an elementary school or a park, use that in your headline. “3-bdrm 2-bath home across from park, new appliances – $700 monthly” is a great way to incorporate those benefits into the headline. This will draw the eye of potential tenants who have smaller children and want a nice place to live.
Make Your Expectations Known
During the process of selecting a tenant, it’s important to make your expectations known. For instance, if you want the rent paid on a certain day of the month, let your tenant know that and warn them that if the rent is not paid that day, there will be a late fee that they must also pay. If you want the lawn maintained, make sure they know it’s their responsibility and suggest a schedule that they use to maintain the lawn. It’s best to have these things drawn up in your contract so that there’s no confusion and the tenant knows exactly what is expected of him or her.
Know the Law
Finally, if you plan on generating rental income from Colorado real estate properties, make sure you’re familiar with the tenant/landlord laws in the state and county your property is in. This way, when you run into any situation, you will know precisely how to act so that you’re in compliance with the law. If you are not familiar with the tenant / landlord laws it is probably best if you contact a real estate agent that is.
This is a great investment opportunity and can be a great monthly income stream. As long as you research beforehand and know your rights and the law, you can make your Colorado properties into lucrative investments.
