So you found a great deal in today’s buyer’s market for the home of your dreams, but…you’re scared to plant a “For Sale” in your front yard because of the time it might take to sell your home?
Even the St. Joseph statue buried in your backyard is little comfort?
There’s still time to change to road you’re on.
According to the U.S. Census Bureau, as many as 5,373 Americans move every day. They all can’t be buying.
And, if you expect your house to appreciate in value over the next three years, which we do in SoFla, don't sell it - rent it. Becoming a landlord isn’t a bad idea.
For starters, becoming a landlord offers attractive tax perks and frees you to become an active home buyer without the headache.
SmartMoney lists the Top 10 tax deductions for landlords as being interest, depreciation, repairs, local travel, long distance travel, home office, employees and independent contractors, casualty and theft losses, insurance, and legal and professional services.
Also helpful for first-timers, is a recommended reading list from National Association of Residential Property Managers http://www.narpm.org/about/recommended-reading.html.
But the key to making this work is peace of mind.
This month, Tip-Mart Inc., debuted RentersQ – a free screening system that makes a prospective tenant’s payment and tenant history available online to prospective landlords so detailed it even tells you if the person smokes, has pets or is noisy. In other words, it rates the prospective tenant’s desirability from 0 to 100.
Nolo.com, a provider of legal information for consumers and small businesses, said the first thing a would-be first-time landlord needs to do is to make a decision based solely on business, not from the gut. Like, “I think he looks like a responsible guy.” And that’s exactly what Tip-Mart’s RentersQ says it does for you.
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