Owning a rental property is a smart investment especially here in Chicago where housing is at a premium. Depending on the circumstances, you could find many lucrative opportunities to rent out apartments and lofts. If this is your first endeavor in rental properties, then you’ll be learning fast what it takes to become a successful landlord. These tips can help:
Applied Lease Targeting
You should try to schedule the majority of your lease and dates for times when there is an increased in tenant traffic. June 1 is probably the best target move-in date. September 1 is another good area to aim for. The goal is to make sure don’t have tenants moving out in December or January. That’s a very tough time to find a new tenant.
Treat Your Rental Property Like a Business
Managing your rental property doesn’t have to become a full-time business. But you still have to treat it as one. If you are handling all the maintenance issues, then who will be in charge if you go out of town on vacation? You should also be setting aside 10% of your rental income for repairs. That could turn into a decent savings account especially if you don’t have to tap into it because you’re keeping up the building.
Take Time To Screen Out Bad Tenants
It goes without saying that you should run a credit and background check on anyone applying for an apartment. Just as important is their current employment situation. They should be making income that is at least three times the cost of the monthly rent. This way you won’t have a tenant who is scrambling to come up with the funds on the first. A tenant who has a past eviction is someone to be avoided. They should also be able to provide you with references from their last landlord. If not, then you have to ask yourself, “why not?”
Keep Your Good Tenets Happy
You might find that in the long run it is a lot cheaper to retain a good tenant than it is to go on the search for a new one. Making a tenant happy doesn’t take a lot of effort. All they ask is that you fix repairs promptly, treat them with respect and keep the property in good shape. That is where Junk King Chicago West can be a big help. These are professional junk haulers that can dispatch a team of movers and a big truck to your property usually within 24 hours of calling them. This will allow you to clear out rubbish from an apartment that is unoccupied and make sure your storerooms and garage are empty of clutter as well. Working with Junk King Chicago West will go a long way towards helping you become a successful landlord.