How to Rent Your Huntsville AL Real Estate and Turn a Profit

Maybe you have a home on the market that isn't selling, or maybe you own a vacation home in that you don't use often enough. Whatever the reason, you're thinking about renting your Huntsville AL real estate.

Being a landlord isn't easy. There are pitfalls that can prevent you from turning a profit and problems that can keep you awake at night.

Here are six tips to help reduce your stress and make a profit from your rental property:

1. Study the Huntsville AL real estate market and rental situation. Take landlords who are successful in your area to lunch and learn from them. Find out who they use for legal work, paint jobs and pest control.


2. Research. Find out vacancy rates and how much properties are renting for in your area. Rental property owners associations and sites like mrlandlord.com can be great resources.


3. Do thorough expense calculations and analyze your cash flow before putting out your "for rent" sign. Overestimate when in doubt. Make sure you've added in big expenses like real estate taxes, rental insurance and property management fees, if you're going to get help managing your Huntsville AL real estate.


4. Have a well-funded savings account labeled "maintenance reserve." Landlords often fail to budget enough for seasonal tasks like snow removal. And, you never know when Mother Nature will throw a tornado or hail storm your way.


5. Understand local rental and eviction control laws. Keep extremely good records and be proactive; it can save you aggravation and money. For example, if someone isn't paying you rent, and you let them go too long without paying, it becomes difficult to recover the money or evict them.


6. Thoroughly screen all potential tenants before renting to them. Review the applicant's credit history, eviction history, criminal history and rental history. Also, personally interview the applicant or have your property management company interview the applicant and send you the information for your final approval.

There is good news! Rents are rising. According to the National Association of REALTORS® the average apartment rent is projected to grow 3.4 percent this year and another 4.2 percent in 2012. Additionally, in today's economy, more and more people are interested in Huntsville AL real estate for rent.

 

Having lived in the Huntsville AL area for most of his life, Mike Manosky understands exactly what makes this community special. In fact, those who know him well will tell you he carries the same traditional values and focus on the future as Huntsville.

Mike brings with him a keen eye for the details of buying or selling a Huntsville AL home and seemingly boundless determination and energy, which is why his clients benefit from his unique brand of real estate service. Rooted in Tradition, Focused on the Future - Mike Manosky will help make the most of your Huntsville AL real estate experience. Give him a call today, 256-508-0211 Direct or 800-803-0053 Toll Free, and discover the difference he can make during your family's move.

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