How to Rent Fix Me Upper Homes
Owning rental property can be a lucrative business. Often there are homes on the market at reduced prices that require a little work to restore them to their previous condition. While these properties may prove to be good buys, they can also be difficult to rent.
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Consider leasing your property at a reduced rate in exchange for getting work done on the home. Many tenants would be willing to invest a little elbow grease to paint walls, pull carpets or complete other minor repairs if it means a monthly reduction in rental rates. This also allows you to receive rental income on your property while you work toward making the necessary repairs. To make sure that repairs are being completed to your specifications, you may want to set up predesignated times to meet with your tenant to review the repairs and check progress.
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Local churches often have ministries set up for families and individuals who need homes. Perhaps you could set up a partnership with them to advertise your home on their bulletin boards. Youth groups within in the church often look for ways to reach out and help in the community. They may be willing to take on your fixer-upper as their next project. Your prospective family may even chip in as well.
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Take a close look at your property to make a fair assessment of its rental value. While it may be your diamond in the rough, others may not be able to see past the needed repairs. Be fair when you decide on how much to charge for rent. A home with a leaky faucets, shag carpet, and 20-year-old linoleum is not going to rent for the same amount as a newly built property. Keep your rental rates competitive and reasonable.
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Be as honest and upfront with the prospective renter as possible when you first show them the house. Often it will help them to look past the wear and tear and feel more at ease. Don't make promises about repairs unless you are certain that you will be able to follow through and complete them within the promised time frame. Don't be deceptive. Ask yourself if the property is in a condition that you yourself would live in or want your loved ones to live in.
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You will also want to consult your local governing agency to become familiar with the various laws involved with renting property.Such laws include landlord-tenant laws, habitability laws and tenant rights laws.
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