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Treat The Renters Of Your Investment Property Like Gold Dust

Renters Make Income Generating Properties Work

Below is a very basic view of property investment but none the less true:

1. Buy a property.
2. Rent it out.
3. Pay down the mortgage and all bills with the rental income.
4. The excess income is positive cash flow.

Wash, Rinse & Repeat

Very simplistic and there are other considerations such as where to buy, tax benefits and depreciation.

However it is obvious the whole business would not work with out tenants. Treat them like Gold Dust. Courtesy and professionalism are essential. One of the best ways to to keep your costs down and stress levels low is to ensure a good and professional relationship with your tenants. People tend to reciprocate good behaviour, so be nice.

This will really bear fruit when the time comes for them to leave for whatever reason.

• You want to have them on-side so they will be willing to show the residence and cooperate with the marketing and re-renting.

• Give them plenty of notice if you will be visiting. Let them know your plans are so your tenants can plan accordingly AND prepare your property for viewings. A clean, tidy, and uncluttered place takes time to prepare and tends to rent more quickly.

This entry was posted on Thursday, June 24th, 2010 at 2:46 pm and is filed under Investment Opportunities. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. Screening For Good Tenants To Rent Your Investment Property | Wasaga Beach Real Estate-Wasaga Beach Homes For Sale-Wasaga Beach News said at January 16th, 2011 at 10:37 pm

   [...] The key and it is very obvious is to find the right tenants. [...]

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