July 22, 2016

Protecting your rental property can take many forms. There are mistakes to be avoided, scams that you will want to stay clear of, the possibility of damage done to the property, etc etc... Your best bet is to get ahead of the issues before they happen and make sure that you know how to properly protect your investment.

  • Avoid Common Mistakes - In real estate investment, some mistakes could cost you quite a bit of money. There are more common mistakes that would be best to avoid.
  • Know What to Expect - The difference between success and failure can boil down to preparation. Part of that is knowing what to expect and knowing how to avoid any common mistakes.
  • "Real Estate Guru" Scams - It's always a good idea to seek out advice so that you can make the best decisions possible in your real estate investments, but be careful that you are looking to the right places and people for that advice.
  • Safely Applying for a Mortgage - When you apply for a loan you will be providing very sensitive, personal information. Check out these tips on how to protect yourself from identity theft during this time.
  • Protecting Your Vacant Property - There will often be a bit of time between an outgoing tenant and an incoming one, and this will leave your property sitting vacant. You will want to make sure that it will be protected.
  • Uses of a Security System - Security systems installed in a rental can help protect both your property and the tenants that are living there, as well as make your rental more profitable.
  • Renters' Insurance - As a landlord, you will have your property insured, but you may consider requiring renters' insurance as well so that your tenants and their belongings are covered and protected.
  • Protecting Your Property With a Lease - When you accept an applicant as a new tenant you will want to sign a lease with them. This is meant to protect both parties involved and detail out what is expected.
  • How to Handle Late Payments - If your tenant doesn't pay their rent on time you may have trouble paying the mortgage on the home or the upkeep. Make sure that you know how to handle late payments.
  • Protect Your Property During an Eviction - An eviction can be a stressful time for both landlord and tenant, but you'll want to make sure that your rental property is protected.

Source: This article was published with permission from LandlordStation.com

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