This week’s #IRGChat was all about how to hold a rental! It was a fun time in our twitter account, just as it is every Thursday at 2pm (EST)! It was filled with experience and stories as well as useful information, so check it out:
Q1: What do you think is the best kind of property for a Rental?
A1: I think all properties can become a good rental if you have it in a good place, and all of them have individual perks! However, Condos are the best type of properties, since they are cheap and well located and tend to rent really well! The cap rate on them tend to be higher than in a regular property! So I recommend you to search into them if you plan to Hold and Rent a property!
Q2: What percentage of Cap Rate works best for you and why?
A2: We like to work with a 9 to 12%! It’s the one that works best for us! But honestly, the higher the cap rate the better for everyone involved! Also, a cap rate will basically indicate you how quickly the property will return the investment when renting it, so you should probably look into it!
Q3: What is from your experience the best age range for your tenants?
A3: Generally, anyone who has a job and is clean will work, but! Perhaps a younger tenant will be easier to handle! Students and working people are the easiest since they spend most of their time out of the house! Also is universally recommended to have one tenant rather than a whole family as a single person will damage the property a whole lot less!
Q4: How do you handle your payment arrangement? Do you use a lease or month to month?
A4: A lease can be helpful if you plan to hold your tenant accountable! So we do prefer a lease over a month to month deal! The lease is a contract, basically it will hold you and the tenant to a time frame for the deal to exist, so it’s best to have on in place!
Q5: How much of initial deposit do you think is best?
A5: When we have properties for rent we usually ask for a month of deposit! It’s best to hold it as a security for all parties! You can also ask for more, but it’s up to the deal you make with your tenant!
That was it for this Thursday’s #IRGChat! Tune in next Thursday at 2pm (EST) for a new one! It’s going to be about the Best Places to Rent in South Florida! A super fun one, so don’t miss it!
We’ll have a different theme every week!