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Renting a HouseRenting a house or a room in your home is a great business that millions of people take advantage of to make some extra cash. While many people rent houses each year, not all of them are successful. Renting a house can be profitable and rewarding if you manage it properly.Benefits of Renting a House The main reason for renting a house is you can gain a large steady income. Many people buy rental houses in areas that have a constant flow of tenants and rent them for much more than the cost of the mortgage. Or, you have decided to sell, but the property value is lower than you expected. Over time, a house rental will increase in value and you will gain capital appreciation in addition to a steady rental income. Typically, a house will rent for a lot more than an apartment. They generally will offer more space and they are usually rented by groups such as families, professionals or students as an alternative to buying or renting smaller spaces. Another benefit of renting a house is to use it as a vacation home and only rent for part of the year. Many people buy shore homes and rent them except for a few weeks of the year. Don't forget about the tax advantages. Any tools, supplies and services you purchase for the house can be a tax deduction. Challenges of Renting a House Of course there are many challenges to renting a house. While rental income may be bigger, if a property goes un-rented for a period of time, you stand to lose more if you can't find tenants. Maintenance of a home rental can also be challenging. Regular painting, lawn care, snow removal can require constant attention or qualified professionals that will cost you money. Questions from your tenants on how things work, requests for repairs and rent collection can also take away from the experience of house renting. House Renting Tips 1. Have tenants share some of the responsibilities. If you have a small yard, require the tenant take care of lawn and snow removal. Provide tenants with tools they need such as a mower, rake or shovel and assist whenever possible. 2. Collect utilities in advance. Often utilities will be in your name and difficult to recoup from tenants, especially after they are no longer renting your house. Determine the average cost of utilities used and include that amount in the rent. 3. Make the tenant feel at home. When renting a house, you want the tenant to stick around for a long time. Do something special, or provide a service that makes it hard for your tenants to want to leave. 4. Provide parking or make it easy of your tenants to park a car. 5. Provide laundry. Tenants won't want to drag there laundry in and out of your house rental. This simple feature will go a long way. 6. Pre-wire your house with Cable/DSL service. Your tenants will want this anyway so you are better off having it professionally installed. It will help you rent the house and avoid tenants drilling holes in your walls. Before you Rent a House Make sure your insurance covers your house as a rental. Some policies may charge extra if you are renting your house but if you don't let the insurance company know, you may not be covered. Check with your city or town on regulations. Cities often have rules on what rooms in a house may be used for renting or the number of non family members that may live together. Take time to research rents in the area. Get the most out of your house rental by getting facts on other rentals in your area. About the author: Don Romanek has been investing in Real Estate for 15 years. He runs www.offcampusnetwork.comwhere landlords can advertise Houses for Rent or find articles, and forms to help manage rental property. Circulated by Article Emporium Investment Property Part I: How Not to Become a Slumlord Welcome to the first part of a two part series about getting into the investment property business. After riding the ups and downs of the stock roller coaster for a while, an increasing number of investors are looking into property investment as a more stable alternative... 8-Reasons MLM Distributors Fail There dozens of reasons why any one individual might not be successful with his/her network marketing business... or any other business for that matter. Here are a few that I can think of right off the top of my head: NOT TREATING IT LIKE A BUSINESS... Stop Your Employee From Becoming Your Competitor You know the routine. You've hired an eager individual willing to come onboard and learn the business. You've taught them, trained them, worked hand in hand and side by side for 2 solid years. Then all of a sudden your employee quits for no apparent reason. To your disbel... Internet Scam Alert Save your money! Watch out for internet scams! There are a million scams lurking around on the internet. I sure hope you've never been the victim of one, but chances are you've probably noticed a least one scam. A lot of these scams can be luring and tempting and can easil... There's a Thief on Your Campus What would happen if your laptop computer were stolen? What would this cost you in time, money and frustration let alone loss of your confidential information such as you social security number, bank accounts, or passwords? Don't think it can't happen to you. It happens on campuses... Accounts Payable, How Does Your Business Get It Done? We all have to pay the bills, but there may be an easier way to get your accounts payable under control. Software is available to get your business on track and under control. But, what is available and what should you look for in a program for your business. With so many options a... The Business of Shopping and Shipping Gifts For the Holidays With Christmas coming in two month's time, people are already starting to plan their yuletide gift-giving strategy. This is especially true with people who are living far from their native lands or from their families. Often, these people have a hard time shopping for gifts because... It's Okay To Negotiate - REALLY! Sarah is a young woman who attended one of my sales negotiation training programs shortly after taking a new job. When I asked her how she did with her salary negotiation, she replied, "Well, I didn't negotiate. I was offered $44,000 and I took it. "Why didn't you negotiate?" I a... Protect Your Business by Performing a Background Check The success of a business endeavor involves a concerted efforts of financing, strategic planning, product design or service positioning, marketing, sales, and customer support. One of most important aspects of doing business is the people you deal with everyday - your employees, y... How To Boost Your Bottom Line With Just Two Little Words I hate to sound like one of those cheesy get-rich-quick commercials, but this week I am going to let you in on a little secret that is so powerful that it will immediately change the way you do business. In fact, this little secret is so powerful that you will be amazed at... Specialty Gases and Equipment The Scott Specialty Gases website is a valuable resource for technical and safety information including an online MSDS Library and comprehensive downloadable Design and Safety handbook. About the author: Scott Specialty Gases is an international ... No Pain, No Change No Pain, No Change Implementing changes, even when they're good for your business, can be tough. As the old adage goes, old habits die hard and it's just as true in business as it is in our personal lives. It's simply easier to take the path of no resistance and revert bac... Position Position Position – The secret to success online. When you saw this heading you possibly thought of real estate or search engine placement. While this is very applicable to these two systems I want to take you a little deeper into the concept of positioning yourself for success online. Position is really a life s... Renting a House Renting a house or a room in your home is a great business that millions of people take advantage of to make some extra cash. While many people rent houses each year, not all of them are successful. Renting a house can be profitable and rewarding if you manage it properly. <... Why eBay? Start Your Home Business Here If you have a desire to be home based, eBay really is the ultimate new-start opportunity. I know of no other business format where you can put something up for sale to millions of people without having to invest in a shop, advertising or a web site: and sell it and be pai...
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