The homeowner needs to make quick judgments about their tenants based on first impressions. This is necessary, as it is important to assess whether a tenant is able to make payments on time, also if they will maintain their property, and a first impression is all you get. What many don't realize is that the prospective tenants are doing the same thing to them. Good presentation is key to making a sale, including everything from dress to office organization, to professionally styled emails.
In a down market, you probably won't be able to get away with renting out the home as is. Tenants are more attentive and choosy at such times, because of the increased availability of rental homes, and their expectations are much higher.
Prepare for the new tenant by thoroughly cleaning your home and making sure appliances are working and are in good condition.
If you've decided that you are renting out a room or area within your house, make sure that you can secure that area from the rest of your home.
Take a look at your neighborhood and understand how it fits into your larger town or city: Are you in an up-and-coming area where people will pay a premium to live? Within walking distance to nightlife and entertainment? Near the area’s best schools? Once you know how your location fits into the larger picture and what amenities are nearby, research similarly sized rentals within comparable distances to neighborhood features. It’s important to know how your property stacks up against other area properties with similar amenities and the same number of beds and baths. Using your competitors as a baseline, you can decide how much more you can charge in rent for the extras your property offers, such as an in-unit washer and dryer, covered parking or fenced backyard.
Don’t Just Rely on Real Estate Agents
Sure, now and then you can work with a real estate agent who handles foreclosures and gets a good deal. Remember though that these will be “listed” foreclosures on the MLS, Multiple Listing Service. You and all of your competitor investors have access to the same information, so competition will likely drive up your cost of acquisition.
You want to look for a tenant who is financially responsible. If they are responsible for paying their bills, there is a strong chance they will pay their rent on time and be responsible for your apartment
Turning your home into residential rental property may seem like a simple task, but it's important to talk with real estate attorneys and accountants to make sure you are abiding by tax laws, zoning ordinances and local property rules.
In order to find the best homes for rent Mission Viejo ,It highly suggested contacting a professional realtor who is familiar with the area.