Here's a questions I get frequently....
Q: I just bought my first rental property. Do you have any advice for me on renting it? Any recommendations on books I should read?
A: The most important thing you can do to make your investment successful is to find high-quality tenants. You can do this in a lot of ways, but offering a great property at a great price will yield tremendous results.
Pick a competitive rate — or even one slightly below the going market price. You will get dozens of potential renters knocking at her door from a single ad. A friend of mine even had an interested renter offer to repaint the unit for her if she would let him sign the lease.
In addition to offering your unit at a competitive price, be sure and do credit and rental history checks. Remember, the most important indicator of future results is past performance.
As for books, I like anything by Robert Irwin. I also enjoy Robert Shemin’s books such as Secrets of a Millionaire Landlord (Kaplan, $18.95). For tax information, try Every Landlord’s Legal Guide (Nolo, $44.99).
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