If you are starting in the Michigan real estate investing business, you can start by renting out properties that you own. Take note that there are many things to consider when renting your property to a tenant. It includes the monthly rent, checking the background of the tenant such as the income and many more. Checking all of these will surely take time. Aside from that, there are other things you need to consider. By attending the monthly meetings of Michigan Real Estate Investors Association, you will acquire useful information regarding the real estate investing business as well as useful tips if you are a beginner in this business endeavor. Take note that these meetings gives investors, realtors and companies involved in real estate to learn and work together.
You will get valuable tips on how to rent property. First, you have to know the present rental rate. Take note that the rent usually varies from area to area. The average rent can be based on your neighbors who have rented out their properties. There will be differences depending on the facilities available. You should base your rate closest to the average rate since if you will charge a high rate, it will take time to get a tenant.
Once you find a tenant, it is important to find out about his past. You should ask whether he/she has a criminal background. You should choose tenants who have a fair background and stable financial status.
The credit of the person should be checked if you are going to rent out
your expensive properties. You should have an agreement with the tenant
to pay the monthly rent prior to the 10th day of every month if you are renting on a monthly basis. You can also opt for rent on lease basis or a yearly contract.
Once everything has been checked, it is time to make the rental contract.
The contract should clearly define what is allowed and what is not
allowed. It must include the rent amount, day of starting the rent, name
of family members and other useful information. It is important to clarify that no additional construction and renovation is allowed. Take note that some tenants make improvements that are not allowed. Lastly, get the police verification of the tenants for safety purposes.
These tips are important in order on how to rent property. You can make the best profits out of your properties and you will have a stress-free management.
The Michigan Real Estate Investors will meet at the Wayne County Community College Eastern Campus located at 5901 Conner St; Detroit, from 6 – 9pm on Third Thursday evening each month. Visit http://www.megaeveningevent.com/ for details on all upcoming events.
About the Michigan Real Estate Investors Club and REIA:
About the Michigan Real Estate Investors Club and REIA:
The Michigan Real Estate Investors Roundtable meets the 3rd Thursday of each month to give property investors, realtors and companies who provide real estate services the opportunity to network and learn from each other. The club is free to join, open to the public, and there are no pre-registration requirements. Simply show up at a meeting and enjoy the latest information from successful real estate entrepreneurs who are happy to share all their secrets to success.
Contact:
Mark Maupin
Resources:
Michigan Real Estate Investment Groups
Michigan Real Estate Investment Clubs
Michigan Real Estate Investors Association
Michigan Investment Properties
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