As housing in Kathleen Georgia rises, some smaller families and single homeowners are looking at buying a home that can pay for itself. Homeowners are renting out rooms or even buying duplex and triplexes to rent while they stay in one of the units. Here are 5 tips for people who are living in their Kathleen rental with their tenant.
FHA live-in Loan for Your Kathleen Rental
If you are just starting out in real estate investing, living with your tenant is an excellent move. You could qualify for an FHA loan which is good for single family homes and multi-family housing with up to 4 units. A few stipulations of this loan is that the owner must live in the property for at least one year, the property must meet FHA standards and pass appraisal. For more information about this opportunity, give us a call at (478) 273-0062.
Reliable income from Your Rental
Your Kathleen Georgia rental property (or rooms) will create reliable income that you can use to cover the loan payments and insurance and other expenses. You can start saving the leftover funds to purchase your next rental property or make improvements to your current Kathleen property. Make sure you enforce your due dates and implement late fees if you need to. This will keep your cash flow reliable by making sure you receive the rents on time. You may also want to look into ways tenants can pay rent online, this will save you time and energy because, with these systems, rent is usually directly deposited into your account. It will also help you keep track of who has paid rent and you will be able to pull rental payment history a lot faster than trying to use your bank deposits.
Finding Good Tenants You can Live With
In order to have a reliable monthly income, you will also have to secure reliable tenants. Make sure to complete your due diligence with all possible tenants; run background checks, credit checks, verify income and employment and call all references they provide. You don’t have to turn into Sherlock Holmes, but you will want to get a good idea of who your candidates are and make sure there are no inconsistencies.
You will also want to set house rules and boundaries with your tenants so they understand when they can contact you and when quiet hours are. Communication and rule enforcement will lead to a great tenant-landlord relationship. Just make sure not to violate any of the Georgia Fair Housing laws. Learn more about the Georgia Landlord-Tenant laws.
Using 3rd Parties to Handle your Rental Property
Another great tip for people who are living in their Kathleen rental with their tenant is to use third-party handymen or contractor companies. It might be easier if you are repair inclined, however, you need to establish that boundary between your tenants that if something goes wrong, they aren’t banging on your door in the middle of the night because their toilet is running. This will also help establish boundaries because they know you will hire someone to fix their problems. This is also a good move because their work is usually under warranty, so if something still isn’t right, they will come back and fix it.
We can Help find The Right Kathleen Property
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