fbpx

Voted Best By You

2019 Readers Choice

Email Now

info@greenerealtyflorida.com

+1 386 734 2200

Call Us

307 E New York Ave

DeLand, FL 32724

Tips For Buying A Income Generating Home

1. Buy a home that offers flexibility

If you are looking at buying a home with the sole purpose of letting it out, try to find a property with a detached or semi detached apartment. Having two rent incomes is never a bad thing!

Look for the following characteristics when choosing a home:

  • Large driveway / parking space.
  • Semi Detatched area of house.
  • Multiple entrances (one for you, one for tenants).
  • Preferably have multiple bathrooms, one per guest room.
  • Room for growth, look for a house with space to expand and with rooms that can serve as both living areas and sleeping areas.

2. Short term or long term rentals?

If you’re considering living on the same property as your rental, a lot of people opt for the Airbnb short term approach. In Florida alone there are over 32 000 AirBnb hosts currently in operation. AirBnb or short term renting offers you a way to keep the rental space available should you have the in laws visiting or guests from out of town.

Also, if you’re living in a small home you might not want the commitment of having a long term tenant living in your space.

Consider long term renting if you have a detached section of your home or if you are buying into a new area to expand your property portfolio. Long term renting is often seen as the safe option, you can secure an income for a long period of time and not have to worry about the daily upkeep of a short term rental.

Although long term can be an attractive option, home owners still need to manage their property efficiently. Maintenance, rent collection and finding trustworthy tenants are just some of the things you will need to deal with.

Hiring a property manager such as Greene Realty can go a long way in helping maintain your property and collect rent on time. A well written rental agreement is essential when putting someone on your property. Seek the help of professionals to make sure you have covered everything there is when letting your place long term.

3. Make it worth your while.

What’s the point of going through all the hassle of dealing with tenants, changing bedding, maintaining a second home and chasing up rent money?

Ask yourself what is it you hope to achieve by putting your rental on the market. Find out what other properties in the area are priced at, check to see how many are occupied and work out a price that you wish to receive and that your potential tenants would be willing to pay.

Make sure your rental income will cover any and all expenses relating to the rental. More often than not rent prices can cover your mortgage, provided you had a decent down payment when you got financing. Whether renting is worth your while is a personal question that you will have to answer.

Some of the things most homeowners seek when letting their properties.

  • Paying for the mortgage (or a portion) of the home.
  • Covering household expenditure and living costs.
  • Saving this additional income for;
    • College funds
    • Vacations
    • More property purchases.

4. Area’s to buy and rent your second home.

When buying a home with the intention of renting it out, look to buy in the following types of areas. These are all areas with strong rent potential.

  • Popular Vacation Spot.
  • Student Town.
  • Central Business District.
  • Up and coming area.

One of the obvious issues of owning a rental is not having a tenant in your house. It leaves you with a property that isn’t generating an income and means you have to pick up the mortgage while you find another tenant. That’s why you should always stick to areas with a lot of tenants needing places to stay.

A sure way of ensuring you always have a tenant is to hire a professional property manager. We have lists of people looking for places to rent and have over 40 years experience in linking trustworthy tenants with properties that suit their requirements.

Greene Realty boasts a 95%  occupancy of the properties we manage in the West Volusia Area.

5. Don’t sell your home when you move.

Keep your home that you’ve been paying for for the past few years. When you choose to move into a new home, it’s time to expand your portfolio, not get rid of your current investment.

Whether you are moving out of state or down the road, keep the home you currently own and rent it out to cover its expenses. Soon enough you’ll have a paid off property that’s bringing in a healthy new stream of income for you.

Keeping your property does require some management, this is where, once again, the real estate professionals and property managers step in to take this pressure off of you.

Contact us at info@greenerealtyflorida.com today for advice on how to turn your current home into a successful rental. We can help you manage your property and find quality tenants.

Blog

Tips For Flipping A House

The prospect of flipping houses can be intimidating to even the most experienced real estate investors. Flipping houses is an extremely rewarding way to make

Read More »

Frequently Asked Questions

Landlord FAQ's
  • How do landlords view documents and reports?

    Landlords need a place to securely access all owner statements and other important documents. Including the signed Management Agreement, HOA documents if necessary. Greene Realty provides all clients in any location throughout West Volusia a secure online platform to login, view and manage all their statements and reports.

    Using your online portal is easy and efficient. Take ownership of your property anywhere in and around West Volusia.

    All West Volusia property tax records will be mailed to you yearly. In addition, you get photos and a report of your home inspections (if added).

  • How do we handle evictions?

    This is never the desired outcome but can be an unfortunate circumstance. Regardless of what city your property is in within West Volusia, FL, a concern of any homeowner is being stuck with a tenant who is breaking the terms of their lease. Greene Property Management always holds the tenant responsible for their legal obligation and will work for the homeowner to minimize any vulnerability.

    Should an eviction become necessary, we will do our best to reduce your risk as a landlord by following all state laws to ensure a rapid, minimal cost, decision. Staying abreast of local law changes and regulations is paramount to a successful eviction. If you want to know how to evict a current tenant at your property, even if it is not currently managed by Greene, we are happy to help. Please use the contact form here to submit your eviction inquiry.

  • How do I check my account balance?

    Log in to your Resident/Owner Portal and click the Payment tab. This will show your payment history and charges in your ledger.

  • Does Greene Property Management inspect my rental?

    GPM does inspect each property. We inspect based on the Management Plan selected, which ranges from 2-4 times per year. Tenants are given a minimum of 24 hours’ notice prior to any property inspection. We take out and inside pictures for documentation. Additional inspections can be requested for a small fee.

Tenant FAQ's
  • How can I become a tenant with Greene?

    1. Work with a Team Greene Property Manager to find your perfect place to live.

    2. Complete and application on our website.  All those 18 years and older living in the property must complete an application and screening.  A $75 Non-refundable fee per application must be included. These fees are non-refundable. Our application process can take 3-5 business days.

    3. You must have proof of income.  Your income must equal at least 3 times the monthly rent amount.  Examples of income verification include, but are not limited to: 3 consecutive paystubs, 3 months of payroll reports from employer, current proof of government income, proof of retirement, liquid assets (bank accounts, stocks), spousal support, legal verifiable income.

    4.  Credit must be  least a 600 credit score and no late payments in the last three months.  Provide 3 years of rental history with contact numbers. Criminal history will be assessed on an individual basis.  We base our decision on a concern for the safety of other residents and staff. Any conviction for the manufacturing and distribution of illegal drugs will result in application denial.

    5.  You must be willing to start the lease within 30 days of applying.  We will only process completed applications. Our application process generally takes three business days from the day you provide us a complete application and all required documents.  We make no guarantee as to the time it will take to process your application. This varies based on the responsiveness of your landlords and employers and other business demands.

    6.  Be honest and truthful in your application and answer all questions.  Falsification of facts or withholding information is cause for denial and or eviction later.

    7. We strongly encourage you to view the property prior to applying.

    8.  If approved, GPM will need a minimum of 2 days to prepare the property prior to move in.

    9.  Pets—Check to confirm pets are considered in the rental.  You must submit a pet application. No pet will be considered without a pet application.  Any guide dog or other assistance animal will be permitted upon verification. Be prepared to verify vaccination records and pets current weight.  If a pet is approved it is understood that the tenant will carry insurance to cover the animal.

    10.  Students/applicants who do not currently have income must provide a guarantor.  The guarantor must complete an application and provide all verifications necessary to qualify.  The guarantor must live in the USA and must assume financial responsibility of the lease, including property damage.  All roommates must have a guarantor or all qualify without guarantors.

    11. We must have a state issued photo ID for each applicant.  Such as a driver’s license, passport, military ID for each applicant and co-applicant.

    12.  First qualified applicant to sign and pay $500 to hold the property, will be the first to rent.  We will only hold properties with a $500 non-refundable deposit . This will be applied to your 1st months rent at the time of move in.

  • How do we handle evictions?

    This is never the desired outcome but can be an unfortunate circumstance. Regardless of what city your property is in within West Volusia, FL, a concern of any homeowner is being stuck with a tenant who is breaking the terms of their lease. Greene Property Management always holds the tenant responsible for their legal obligation and will work for the homeowner to minimize any vulnerability.

    Should an eviction become necessary, we will do our best to reduce your risk as a landlord by following all state laws to ensure a rapid, minimal cost, decision. Staying abreast of local law changes and regulations is paramount to a successful eviction. If you want to know how to evict a current tenant at your property, even if it is not currently managed by Greene, we are happy to help. Please use the contact form here to submit your eviction inquiry.

  • How do I check my account balance?

    Log in to your Resident/Owner Portal and click the Payment tab. This will show your payment history and charges in your ledger.

  • If something needs repair in my rental what should I do?

    Log into your Resident Portal and enter a Maintenance Request. By explaining in full detail the situation, we can address this repair as quickly as possible. Your Resident Portal is the most direct way to get information to GPM.

  • What happens when I move out?

    Be sure to let GPM know 30 days in advance, in writing. An email will be sent with move out procedures to follow to ensure you receive your entire security deposit back.

  • How do I get Renter’s Insurance?

    Log into your Resident Portal and sign up for Renter Insurance. The cost starts at $12 per month and is the most convenient way to receive coverage. You may seek outside insurance options but please call the office with proof of insurance. All Tenants renting with GPM MUST have insurance.

  • Does Greene Property Management inspect my rental?

    GPM does inspect each property. We inspect based on the Management Plan selected, which ranges from 2-4 times per year. Tenants are given a minimum of 24 hours’ notice prior to any property inspection. We take out and inside pictures for documentation. Additional inspections can be requested for a small fee.

No questions matching current search

How do you feel about the price of this listing?