Real Estate For Sale in Franklin Tenn - Should You Be a Landlord by realestatetnnash

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If you have Real Estate For Sale in Franklin Tenn or the surrounding areas, and you want to move but you’re not having any luck selling your home, renting it out can be a great option. However, there is a fine line between having a great rental experience versus a terrible one. Brentwood real estate expert Monte Mohr has prepared a list of things you should know before becoming a landlord.

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									If you have Real Estate For Sale in Franklin Tenn or the surrounding areas, and you want to move but
you’re not having any luck selling your home, renting it out can be a great option. However, there is a
fine line between having a great rental experience versus a terrible one. Brentwood real estate expert
Monte Mohr has prepared a list of things you should know before becoming a landlord…

David and Sara are trying to sell Real Estate in Nashville asked…

“Our home has been on the market for over 6 months with no offers. We can’t lower the price any
further because we owe too much on it. We are thinking of renting it out so that we can take
advantage of the current market and buy a home in the area that we now want to live in. We have
never been a landlord before and do not know where to start. Please share your thoughts on this
subject.”

A lot of people are doing this now because their homes haven’t sold. When I started buying rental
properties there was no one there to tell me what to look out for, so I’d like to shorten peoples’ learning
curve as much as possible. So here is a list of questions you should consider before renting out your
home:

1. Do you have the temperament to be a landlord?

I think this is the most important issue to think about. Can you sleep at night knowing that someone is in
your home? Can I evict somebody? Will I feel sorry for them if they can’t pay their rent on time? You will
have to remain objective as a landlord so having the right temperament is crucial.

2. How do you determine the correct rental amount?

There is no science to determining the amount of rent; there’s no formula for a certain amount of
dollars per square foot and so forth. It really comes down to checking on the current availability of
rental properties that are similar to yours. Check Craigslist, Realtor.com, RealtTracs.com or those sorts
of places to see what the current market is paying for that kind of property. There is no science to it and
it changes from week to week. But I would always charge just a little bit less than the going rate because
you’ll have a lot more people to pick from that way.

3. How do you advertise when looking for the right tenant?

Personally, my best experience has been with Craigslist because it doesn’t cost anything, people are
constantly looking at it, and you can update it regularly. The next place is RealTracs.com where you can
hire a realtor for a couple hundred dollars to put it online. Those are probably your best resources.

4. Should you manage the place yourself or let someone else take care of it?

By all means, if you have the margin to pay a third party – between what you are charging in rent and
what you are paying in a monthly mortgage payment – do it! They are far more objective and they know
about the eviction process and how to deal with it. The first time I had to evict someone it was a
daunting experience and I did not like it. So by all means if you have the margin, pay a third party.
5. How do you handle a pet deposit?

The typical pet deposit it a non-refundable $150. But a pet can do a lot more damage than $150. So
what I’ve learned to do is charge more, but I make it fully refundable. By charging a fully refundable
$500-$1,000, your tenant is more apt to get out of bed when Fido gets up in the middle of the night, or
very early in the morning and needs to go out because they have something at risk.

Some people may choose to simply not allow pets, but more and more people have pets so one way to
get around the issue is to make sure that the tenant has a higher stake in the game.

Before we examine the last important item about becoming a landlord, let’s look at a success story in
Polk Place in Franklin TN.

6. Why should you get to know the neighbors?

People don’t always think about this, but I got a phone call one time in the middle of the night, telling
me that my tenants were moving out. I don’t know what I would’ve done if those neighbors had not
been able to contact me to let me know what was going on. Personally knowing the neighbors will help
them inform you when something suspicious is going on with the property. It will add another set of
eyes that will watch over the property when you’re not there all the time. So you should really know all
the neighbors surrounding the property.

If you have real estate for sale in Franklin Tenn...

...or anywhere in the greater Nashville area, and you are really considering renting out your home,
please contact me directly and I’ll give you a more exhaustive list, free of charge, of all the items I
learned the hard way. Again, no one told me so I had to learn all of these things the hard way.

Here are some Happy Customers who I have been able to help…

Sara and Jason had a home in La Vergne that they weren’t able to sell after 6 months of effort. Then we
found their dream home in Portland, and using the same advice I’m offering today, they were able to
rent the La Vergne home.

“We rented our home with Uncle Monte’s advice and were then able to buy our dream home!”

								
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