Congratulations, you’ve bought an investment property, with growth and income potential. Now, the important part, finding the right tenant to pay your rental income and look after your asset.
First, engage a property manager to screen applicants, give market feedback, get professional photos and list the property for rent online.
Next, attract the best tenant by presenting your property well during open houses.
Think about a tenant’s suitability for your property. If you have a family home in the suburbs, a family should live there. If they are suitable, they are likely to stay longer and treat your home as if it were their own.
Now, check their references from prior rentals and find out how long they stayed at past properties. One property for five years is a better sign than a string of 6 month leases.
Finally, get landlord insurance in place to cover the unexpected.