Then renting an investment property the Holy Grail is
having long-term tenants who treat your property as if it is their own home.
However, a lot of landlords fall into the trap of
"rewarding” this loyalty with abnormally low rent.
The best strategy is to make incremental, but
reasonable increases, to the rent during the course of a long lease.
That way the tenant is happy and so is your cash
But remember to always check the rental market 1st as rents do go up
and down and you don’t want to increase the rent at a time rents are coming
The best way to check the rental market is to have
a look at what properties are currently for rent in the same area as your
investment property with the same specifications (bedrooms, bathrooms, etc.) and
of course how many.
Keep tuned for your next tool
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Tuesday, 21 July 2020